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INTERNATIONAL 







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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


** 


Paris, Monday, August 29, 1994 


No. 34,679 


«*< ". L ’ 





Japanese Trade Talks Hold Dollar’s Fate 




By-Gari Gcwirtz 

International Herald Tribune 

PARIS-^-.To the defighl of Wall Street, 
an unexpected windstorm Hftedihe prices 
of stocks, bonds and the dollar last Friday, 
but leading analysts failed to join the cele- 
bration, warning that a hurricane is about 
to tut the market. 

With traders atwitter al news of a build- 
up in secandkiuarter inventories, seen as 
s|sptlmgtooidaatiBggEo«ihaiid&^ to 

2? ^ approaching danger felfoii deaf 
ears. • - V ..=/ ; 


In the view of the currency 
who are st mgljij mded about 


or 


Japan h*5 its wiaims^kMeRrafeJiniing to 
cope mtfctfc strong ym. P*ge9. 

-¥• 


V 


not the Federal Reserve Board will need lo 
continue raising short-term rates, the out- 
look for the dollar depends entirely on the. 
outcome of ihe U.5.-Japanesft trade talks. 

These are aimed at reducing Japan's $60 
billion ammai trade surplus with the Unit- 
ed States. Washington has threatened to 
impose trade' sanctions if there is noagroe- 


meni by the end of September. 

re key to unloc 


These talks are the 
outflow of money for investment 


Japan. The failure of the negotiations up to 

of the 


f-f : 


now has resulted in an appreciation 
yen. Although it has been seen as ra 
Japan's trade surplus by pricing its 


out of world markets, the rise in the yen’s 
value has left Japanese investors sitting 
with huge forwgn-<srchange losses on then 
overseas holdings and un willing to make 
new investments. 

A trade agreement is widely seen as the 
assurance Japanese investors are looking 
for that the incessant upward pressure on 
the yen has ended. That would free inves- 
tors to sell yen, depreciating the currency, 
. to buy bonds denominated in dollars and 
Deutsche marks, on which yields are some 
23 percentage points higher than at home. 

The tradenegotiaDons are the key issue 
for the dollar's outlook, analysts agree. 
And they camion that rumors of success or 
failure oyer the coming weeks could create 
. volatile movements in exchange rates. 

Analysts concur that a failure would 
sharply weaken the dollar to a new low of 
. 95yen and.drag it down to the low 1.50s 
against the Deutsche marie. There is a wide 
difference over what happens if the miVs 
succeed. .. . . 

The debtor's rise last week — up 23 
percent; aU.5745 marks, and 1.8 percent, 
at 100.45 yen — “gives the dollar a better 
. flavor,” stud Paul Chertkow. Loudon- 
'based analyst at Union Bank of Switzer- 
land. 

But what happens neat, he added, de- 
pends on the outcome of the trade talks. A 
successful outcome and “the dollar will 
rally strongly against the yen, and that will 



J Roncn 

See DOLLAR, Page 4 U.S. Marines searching Cuban refugees as they arrive at Gnantimamo after being picked off rafts In the Florida Straits. 


>• • c \ 


Theft of Nuclear Materials: Did Germans Overstate Danger? 


' .By Rick Atkinson 

Washfrtgou Poa Service 

BERLIN —Two weeks after the seizure by Ger- 
man policemen of a large quantity of contraband 
plutonium, investigators in Europe and the United 
States have coachload that the threat to public safety 
from smuggled radioactive materials may lave been 
substantially exaggerated by German officials. 

Those investigating the contraband plutonium 
and enriched uranium confiscated in Germany this 
, summer acknowledge that they stffl have mare ques- 
tions than ans wers about 'the origins and intended 
buyers <rf the material Nor do they discount the 
potentially catastrophic consequences of uncurbed 

iarijtaeffieiab in Vienna, Frankfurt, 


Bonn, Luxembourg and Washington indicate that 
although the contraband probably came from Rus- 
sia, there is no firm evidence that it was diverted 
from nuclear weapons or weapons production lines. 

Nor is there evidence that bomb-building fissile 
material has fallen into unauthorized hands. Nor has 


proof emerged of an organized “Russian mafia” 
brokering radioactive contraband or of rogue Third 
World nations seeking to buy black-market pluioni- 


A further complication is that the irresistible com- 
bination of crime and nuclear bombs has become a 
campaign issue in Germany as federal elections draw 
closer this fall. A leading opposition politician as- 
serted last week — without offering any proof — that 
the government had cynically staged several recent 
arrests of nuclear crooks to bolster Chancellor Hel- 
mut Kohl's law-and-order image. 


urn. 


In fact, some law-enforcement officials say they 
. suspect that at least part of the recent uproar may Ire 
a case of the tiger chasing its tail — that aggressive 
undercover sting operations intended to bait and 
snare nuclear smugglers have created an artificial 
demand for radioactive material. 


Experts take pains to stress the gravity of nuclear 

. this month's 


smuggling, while expressing hope that 
furor accelerates plans to safeguard nuclear stock- 
piles. 

“We don’t have a crisis,” one American official 
said. “We have a serious problem." 

All -agree that thepuriiy of one contraband pluto- 
nium stash recently seized in Germany was particu- 


larly alarming, as was the relatively large size of the 
plutonium cache found in another bust. 

“It is serious, but not very serious," said David 
Kyd, spokesman for the Internationa] Atomic Ener- 
gy Commission in Vienna. “Serious in that the quali- 
ty of some samples is exceptionally high, but not very 
serious in that there's no indication of organized 
trafficking here.'’ 

He added that “there doesn't appear to be any- 
body big-time out there in a purchasing mode." 

Harald Mailer, a nonproliferation expert at 
Frankfurt's Peace Research Institute, added: “My 
guess is we’re still dealing with a trickle and not with 
a stream. As long as it’s only a trickle, we have an 
opportunity to stem the stream. But that supposes 

See PLUTONIUM, Page 7 


Clinton Alchemists Trying 
To Save Face on Health Plan 


ByOouglas Jehl 

_ tie* Tetk Timet Semce 

Washington — E ight months ago, 

President Bill Qintaa stood before Con- 
gress and waved a. pen that he vowed to use 
to veto any measure that did riot guarantee 
universal health-care coverage. Now the 
White House hits begun laying the ground- 
work for trim to wave a Bag of trace. 

Mr- Clinton's aides axe aware of the 
potential embarrassment in accepting 
merely incr emental bcahb-caie legislation. 

But they also believe they can offset any 
acceptance of a more modest achievement 
bv reviving the pr e sklen t's campaign rm- 


HEW5 ANALYSIS 


■Sfj 


age as a fighter forchangc, who succeeded 
in at least starting a job that his Toes 
prevented Mm from fi nishing. 

Mr Clinton's aides have now s i gn al ed 
chtpr he would accept something well short 
of universal coverage, but they resist 
claims that such a snail step would be 
sufficient. 

And whether Mr. Clinton ultimately 
signs or rejects what Congress produces, 
his aides have begun d& intmg mat credit 
may be available, saying his yearlong cru- 
sade for change in the health-care system 
has already yielded benefits. 

"I think tire revolution has started,” said 
Thomas F. (Mack) McLany 3d, the presi- 
dent's former chief of staff and his prina- 
' ‘ Saying 


prompted insurance companies to lower 
their rates, Mr. McLaity said, “There is no 
question that the prospect of earnest re- 
form has improved the outlook for con- 
sumers.’" 

In truth, Mr. Clinton had long ago laid 
aside his veto pen, presenting an elastic 
bottom Kne on whai might constitute uni- 
versal coverage. Similarly, Democrats in 
Congress bad, with the White House’s ap- 
proval, dropped “Clinton plan” from any 
description of legislation they favored. 

Even so, the enduring image of Mr. 
Clinton's waving a veto pen before a joint 
session of Congress is one that critics have 
long relished being able to hold against 
him. 

Bui senior While House officials say 
they are confident the gesture will prove 
nowhere nearly as damaging as George 
Bush’s “no new taxes” line, particularly if 
Mr. Clinton portrays any compromise he 
might, embrace as simply a “down pay- 
ment.” 

That confidence may be in part whis- 
tling in the dark. But it also reflects both 
the new wind in the administration’s sails 
from the passage of the crime bill late last 
week, as well as some lessons from the 
summeriong tussle it took to get the bill 


pal lobbyist for business feadera 
the specter of a major change had already 


One lesson is that even when Mr. Clin- 
ton hjnj! tiad to make significant conces- 
sions, the word that appears in the head- 
lines is “victory,” not “cave-in.” Another is 
that the best way to avoid bring cast as a 



Beijing Frees 
Dissident as U.S. 


Official Arrives 


Compiled by Our Staff From Dispatches 

BEIJING — Police released a promi- 
nent dissident on Sunday, 12 hours after 
his deren lion overshadowed the arrival of a 
U.S. cabinet member on a visit to increase 
trade. 

The dissident, Wang Dan, 24, a student 
leader in the 1989 Tiananmen Square pro- 
democracy demonstrations, was released 
after the police talked to him about his 
protest activities. 

“They were worried that if they let me 
go 1 would create trouble he said. But he 
said he was released with no conditions. 
Mr. Wang had been detained Saturday. 


shortly before the arrival in Beijing of 

H. Brown. 


See CXINTON, Page 4 


Wffl Bmxea/Rnueti 

Commerce Secretary Ronald H. Brown on Sunday at the Great Wall in China. 


Commerce Secretary Ronald 
who came with iwo-dozen American cor- 
porate executives on a mission lo improve 
the prospects of U.S. firms competing for 
business in China. 

Mr. Brown's visit is the first by a cabinet 
member since President Bill Clinton's de- 
cision in May to end the linkage between 
China’s performance on human rights and 
its preferred trading status with the United 
States. 

“Obviously we're disturbed about any 
reports of that kind,'' Mr. Brown said of 
the detention. He promised to raise such 
matters in meetings this week. 

When Mr. Clinton severed the link be- 
tween China's rights progress and its trad- 


See CHINA, Page 4 


East (Germans Recall the Good in the Bad Old Days 


By Stephen Kinzer 

firm York Tunes Serrtee 

LUC3CENWALDE, Germany — The 
thousands of people who crowded into this 
town for a recent rock concert came not 
only to hear the Puhdys. once the most 
popular band in East Germany, but also to 
revd ia tbrir East Gennan past. 

Axel Badura, who lives near the arena 
here, watched from his window as coaqert- 
geers streamed by. He was not surprised 
by the turnout. 


that isn't the whole explanation,” Mr. Ba- 
dura said. “People are saying that not 
everything in East Germany was bad. _ 
“In the rid days we didn’t have a crime 


“In the rid days we didn t have a crime 
problem, we didn’t have traffic jams, we 
didn’t have trouble finding kindergarten 


o/ the appeal is that people want 

to hew the music they grew up with, but 


Newsstand Pric»_ 


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Antitlw 1M0FF Morocco...... «.»» 

Common.. 1.400 CF A Qotor ■£ , *S5 

e»roW.£.P 500C Rrijnion....ll-20Ff 
Front* 9.00 FF SCMJiAr36«-J.W^ 

Senesri - JWO CFA 

Grrac*. .,...,300 Dr. Soom JpoPTAS 

fJrii’ . . .-..4flK.ii* Tunis*? 

IwnfCaan .UJDCFA Tursev-.T L-3MOO 

uo J-A.e 

Ufiairav...ussi50 u-S JM.SRF-?**- 1 ® 


places for our kids, and nobody had io 
worry about being thrown out of work. For 
a while after unification, people were 
adiamad to art mi i that they had grown up 
in pas; Germany, but now we’re starting to 
be proud of it” , 

At the concert, the distinctive aromas or 
Cabinet and F6 cigarettes, which were 
popular In East Germany and are suit 
made in Saxony and Thuringia, hung over 
the crowd. Vendors did a brisk business w 
T-shirts bearing old advertisements for 
East German products ranging from deter- 


gents to tampons. 

A wave of nostalgia for the era of Com- 
munist rule is spearing. For many, u does 
no* reflect a desire to return to the repres- 
sive old days, but a growing sense of self- 
confidence. 


m T KRUIWUSC. .... 

rh ! That feeling is dearly on display at aoz- 

'C ; ens of Stores that Specialize in local prod- 


ucts. For a time after unification, eastern- 
ers shunned their own goods in favor of 
those made in the West, but no longer. 
Now eastern products are proudly adver- 
tised with slogans like “Beer From Here” 
and “East-Made.” 

Many easterners say they have stopped 
trying to like the dry white wines popular 
in the West and have returned to the sweet 
reds they grew up with. They are buying 
their familiar mild mustard again instead 
of the sharper brands favored m the West, 
and flock to bakeries for bread and cakes 
made by “rid East German recipes " 

Travel agents in Eastern Germany say 
that bookings for trips to Tunisia and the 
Canary Islands, popular among West Ger- 
mans. 'have fallen sharply, while tours to 
East European destinations like Romania 
and Bulgaria are often sold out. Some 
travelers even use their old East German 
passports, many of which are valid until 
the end of 1995. 

u It*s medicine against a disease they 
brought on themselves, which is shattered 
self-confidence and loss of identity,” said 
Monika Maron, a prominent writer who 


left East Germany in 1988. “Now anyone 
who eats mustard from Bautzen or brat- 
wurst from Thuringia can feel like a resis- 
tance fighter." 

Some celebrations of the East German 
past are meant as satire, like the theme 
parlies that are increasingly popular at 
night chibs and colleges. At thtse parties, 
giant photos of Erich Honecker and other 
deposed Communist leaders hang on the 
walls. Visitors are often admitted free if 
they wear the blue blouses that once 
marked them as members of the Commu- 
nist youth group. 

Perhaps the most visible symbol of East 
Germany was the Trabant, a slow-moving, 
exhaust-spewing car that is no longer in 
production. In the euphoria of German 
unification, many in the East couldn't wait 

by the hundreds along back roads. Lately, 
they have become collector's items. 

Many Trabis, as they were known, are 
now seen decorated in bright colors that 
were unavailable in East Germany. One 


See EAST, Page 4 


Kiosk 


Viacom Sells 


N.Y.’s 'Garden’ 


NEW YORK (Bloomberg) — ITT 
Corp. and Cablerision Systems Inc. 
announced Sunday that they had 
agreed to buy Viacom Inc.'s Madison 
Square Garden for $1,075 billion. 

The two companies won an auction 
against a unit of Tele-Communica- 
tions Inc., the nation’s biggest cable 
company, for sports and entertain- 
ment properties that include the na- 
tion's largest regional cable television 
sports network, a 20,000-seat arena, a 
performance theater and the New 
York Knicks and New- York Rangers 
sports teams. 


Earlier article. Page 9 


Books 

Bridge- 

Crossword 


Page 6. 
Page 6. 
Page 19. 


U.S. Limits 


Negotiations 
With Cubans 


To Refugees 


Castro Moves to Stem 
Exodus, and Washington 
Calls the Step ‘Positive* 


By Tom Kenworthy 

Washington Post Senior 

WASHINGTON — Senior Clinton ad- 
ministration officials on Sunday reaf- 
firmed the United States commitment to a 
peaceful transition to democracy in Cuba, 
but rejected suggestions to broaden talks 
on migration and to offer President Fidel 
Castro economic incentives to make demo- 
cratic reforms. 


“We’re going to have talks with the 
Cubans on the one subject where we’ve got 
something to talk about, and that is migra- 
tion,” said Secretary of State Warren M. 
Christopher in a broadcast interview. 

Steering between what he termed “two 
fairly extreme viewpoints,” Mr. Christo- 
pher said the United States stood ready to 
respond “in a carefully calibrated way” to 
democratic initiatives by Mr. Castro, but 
said the United States would not initiate 
broader talks or ease the 31 -year-old trade 
embargo on Cuba. 

“On other subjects, we really don’t have 
very much to say to Castro," Mr. Christo- 
pher said. “He knows that we're seeking 
peaceful change, and I think a talk with 
him would not be productive on anything 
broader than the migration issue.” 

[Mr. Castro ordered his police force and 
coast guard to bar children and teenagers 
from Tearing aboard unseaworthy rafts 
and boats fleeing the island. The Associat- 
ed Press reported Sunday from Havana, 
quoting a government newspaper. 

fit was the first sign the Cuban leader 
could be cooperating with American ef- 
forts to stem the flow of Cubans bound for 
U.S. shores. Undersecretary of State Peter 
Taraoff called the move “limited" but 
“positive.” 

{Recent storms that slowed flight from 
Cuba subsided Sunday, increasing the pos- 
sibility that more Cubans will take to the 
sea. A total of 1 30 refugees were picked up 


Saturday and taken to the U.S. Navy base 

the ad- 


ai Guantanamo Bay, Cuba, where 
ministration has announced plans to ac- 
commodate up to 60,000 Cuban and Hai- 
tian refugees.) 

Both Mr. Christopher and Mr. Tarooff, 
in a separate interview on Sunday, insisted 
that the administration was not consider- 
a naval blockade of Cuba to prod 
litical changes. 

The pursuit of what Mr. Christopher 
characterized Sunday as a “steady course, 
down the middle;” comes as the Clinton 
administration is struggling to cope with 
the extraordinary exodus of Cubans. The 
administration announced Saturday that it 
would open discussions with Cuba on the 
migration issue, probably this week in 
New York. The talks are part of an series 
of discussions on such issues dating back a 
decade. 

Mr. Taraoff attributed a recent slow- 
down in the number of refugees to more 
than just a deterioration in weather and 
sea conditions, saying that Cubans now 
realize that they will be intercepted and 


See CUBA, Page 4 


Russian Presses 
Serbs to Accept 
Border Patrols 


By Jonathan Randal 

Washington Pent Service 

BELGRADE — Foreign Minister An- 
drei V. Kozyrev of Russia arrived here 
Sunday amid speculation that Serbia 
would accept international monitors along 
its border with the Bosnian Serbian rebels 
in exchange for an easing of United Na- 
tions sanctions. 

Mr. Kozyrev met with President Slobo- 
dan Milosevic of Serbia, who has consis- 
tently refused such border inspectors in 
the past. 

Such a deal would further isolate Bos- 
nia’s self-styled “Serb Republic.” which on 
Sunday concluded a two-day vote widely 
expected to reject an internationally ap- 
proved plan for ending the 28-month-old 
Bosnian conflict. 

Western diplomats said that as many as 
400 international observers could be sta- 
tioned inside Serbia to monitor about 50 
major crossing points with rebel Serbian- 
held territory in Bosnia to ensure compli- 
ance with an arms and trade embargo. 

In exchange, the United Nations would 
begin easing sanctions imposed in 1992 
against the rump Yugoslav Federation of 
Serbia and Montenegro, specifically re- 
opening the Belgrade airport for interna- 
tional flights and authorizing some inter- 
national cultural and sporting ties. 

Gradually easing sanctions “would be a 
victory for Milosevic in that it marks a big 
shift in the attitude of the international 
community," a Western diplomat said. “It 
had always said that no sanctions would be 
lifted until a peace agreement in Bosnia 
was signed, but now we are talking about 
lifting some sanctions without any such 
signature." 

Helping explain Mr. Milosevic's change 

See SERBS. Page 4 


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** 


Page 2 


INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


Taxing the German Establishment 


By Brandon Mitchener 

International Hernia Tribune 

ST. INGBERT, Germany 
— In a nation where econo- 


mists generally fit the descrip- 
rises, Mi- 


but— 


tion of Eminences 
cbael Kohne is an) 
at least, not yet. 

For one thing, be is 33 years 
old. For another, he is most 
familiar to economics students 
at his alma mater, the Univer- 
sity of Saarbrflcken, more than 
half of whom have attended 
the private prep school he es- 
tablished after his graduation 
in 1989. 

But since the April publica- 
tion of his first book, “The 
Invisible Noose: How the 
Government Defrauds Tax- 
payers of Their Savings”. Mr. 
KOhne has gained a reputation 
as an enfant terrible among the 
German establishment. Its re- 
actions have ranged from in- 
dignation to anger. 

“No comment," said Olaf 
Si evert, the president of the 
Bundesbank's regional branch 
for Saxony and Thuringia and 
former professor who has pri- 
vately advised Mr. KOhne to 
show more restraint. 

“Ambitious but unknown," 
said Wolfgang Benkert, anoth- 
er former professor with whom 
Mr. KOhne began but never 
finished a doctoral disserta- 
tion. 

Finance Minister Theo Wai- 


list in tone and appearance, is 
bright, intense and modest 
about bis academic and scien- 
tific achievements. 

Someone who “didn’t worry 
about maximizing” his grades 
as a student. Mr. KOhne readi- 


Up and 
Conning 

An occasional series 
about the leaders 
of tomorrow. 



gel, on the other hand, agreed 
in a letter with Mr. KOhne’s 


guiding principle that “exces- 
sive taxation jeopardizes 
growth." 

Mr. KOhne, unimpressed, 
said Mr. Waigel apparently 
chose to ignore the book’s po- 
litical criticism amid prepara- 
tions for elections this fall. 

The man of the hour him- 
self, although decidedly popu- 


ly admits that many of his 
ideas were invented by others, 
including Irving Fisher, the 
Nobel economist James Bu- 
chanan and Arthur Laffer of 
Laffer Curve fame. 

“What’s new is the presenta- 
tion,” Mr. KOhne said. 

And bow. While Mr. Fisher 
worked with basic textbook di- 
agrams and Mr. Laffer with a 
two-dimensional graph to 
show that some tax assess- 
ments can be counterproduch 
tive, Mr. KOhne operates with 
what he r?ll< the “3-D Turbo 
Laffer Curve” that includes an 
axis for time in addition to the 
standard axes for the tax rate 
and the tax funds collected. 

Interacting with his 486 
computer in a suite of offices 
reminiscent of a college dormi- 
tory, Mr. KOhne conjures up 
graph after graph to illustrate 
ms message that a government 
that thinks long-term should 
tax savings and investments at 
a rate approaching zoo in or- 
der to maximize its own in- 
come and encourage accumu- 
lation of private savings. 

“The government gets the 
most when the tax on invest- 
ment income is zoo because 
wealth creates more wealth, 
which can be taxed in other 


ways,” including via consump- 
tion, he explained in a reason- 
able tone of voice. 

In his book, which he wrote 
as a satire and published him- 
self. the passage that justifies 
the title reads: “A welfare state 
turns the invisible hand of 
Adam Smith into an invisible 
rope on which the taxpayer 
from whom nothing more can 
be gained is strung up.” 

Although the idea is not en- 
tirely original, it is increasingly 
popular in a country with one 
of the world's highest rates of 
taxation on enterprise and in- 
vestment and is contributing 
fresh controversy to a grass- 
roots tax revolt already germi- 
nating among individ uals and 
small-business men nation- 
wide. 

Kars ten Kleemeyer, who 
employs 25 people at a small 


factory in Wagen- 


feld, said he first saw ___ 
Kohne’s book on a neighbor's 
coffee table, borrowed it for a 
few days and then ordered six 
copies for himself and a few 
dose friends. 

“The book is making the 
rounds,” he said, noting that 
Mr. Kobne’s message was one 
which “had to be said.” 


‘The German MittelstaruT 
of small and medium-sized 
businesses “is the milk cow of 
our nation,” said Mr. Klee- 
meyer. “We pay the most taxes 
and get the least attention. It's 
very sad, and a lot of us are 
very badly frustrated.” 

The Federation of German 
Taxpayers, a Bonn-based lob- 
bying concern that recently as- 
serted that 28 of German^s 38 
taxes were superfluous, said 
Mr. Kohne’s message “sounds 
radical” but agreed that its 
guiding principle was the 
same. “A simpler tax system 


would breathe life in the econ- 
omy, and the government 
could end up collecting more 
money, not less. We say the 
best tax reform is elimination 
of taxes.” 

Though he denies harboring 
any political ambitions and 
describes himself as the prod- 
uct of a “typical German 
working-class family” from 
Warstem, Mr. KOhne is well 
aware of the political dyna- 
mite packed by a book like his 

in a year with 19 elections, 
including federal parliamenta- 
ry elections on Oct. 16 that 
might nuut the end of two 
decades of Christian Demo- 
cratic sway. 

“If you, too, are sick of 
Bonn’s axnateuristic fiscal pol- 
icy and the ever growing plun- 
der of the taxpayers, read this 
book — preferably before you 
go to cast your next vote,” he 
implores inside the book's cov- 
er. 

Inside, he rails against 
“growing legions of superflu- 
ous bureaucrats and politi- 
cians” who have established 
an unsustainable welfare state: 

A vote for the Christian 
Democratic Union, he wrote, 
“is a vote for the state of Brus- 
sels bureaucrats and therefore 
a vote against freedom and de- 
mocracy.” 

The Christian Democrats’ 
junior coalition partner, the 
liberals, has been corrupted 
by proximity to power. 

The Social Democratic Par- 
ty, which aspires to power, “is 
still dogged by a Marxist class- 
struggle mentality." 

The opposition Greens, on 
the other natid, “are complete- 
lyjustified” in their calls for an 
ecological reform of German 
taxation. 

In an ideal world, explained 



Kuintra 


Michael Kohne has nothing for Bonn's tax inspectors. 


Mr. Kohne, governments 
would tax consumption and 
leave investments alone. 


They do not, he says, be- 
cause politicians focus on a 
four-year, election-relevant 
time horizon rather than the 
long-term view that dries being 
penny-foolish in order to be 
pound-wise. 

But Mr. Benkert, Mr. 
Kdhne’s former dissertation 
adviser, said politicians' short- 
term outlooks were a fact of 
life that Mr. K&hne is naive to 
dismiss. “Mr. Laffer was right, 
too, but no one was able to put 
his ideas into practice,” he 
said. 


Nevertheless, Mr. K&fane is 
confident his ideas will at least 
be read and discussed. “Some 
of my students axe being told 
to read it for the university,” 
he noted with pride. 


“It's realistic that the ideas 
in the books provoke discus- 
sion and change,” he said. 


The uncompromising ideal- 
ist also said he had no plans to 
seek a university teaching po- 
sition. “Why should IT he 
asked rhetorically. “It’s much 
too bureaucratic. And by pro- 
viding students help on the 
ride, I've already privatized a 
part of the state economy.” 



WORLD BRIEFS 






justness ■ — T,,„- nessn , a h -S'. 

zard Reuter, outing ^ Berim. 

-are. has decjarefhis raterKtm Doaiocratic Party, bm 

Mr. Reuter, 66, is a member Q* wSld^«fer to preside 

told e that now holds power hi 
.over a coalition government like me 

Berlin. - — 


:P- 



council mem’ 


Tensions Rise in Italian Government 

Prime Minister Silvio Bedusoom an« Jusuw house of 

Biondi threatened to * 

ft soiled hfllv’s liberal abortion law. 



..Berlusconfs 
prisons was not smfU, 

the abortion law. Abortion on demand dnxmg tiist three 
months oE pregnancy has been legal m Italy smee 1978. 


r pmnt ns or pregnancy na* ubcu — j 

Greece Tightens Albanian Border 

KSAMLL Albania (Reuters) — Greece has tightened 

at its sea and land borders with- Al b a n ia after 

T. lEL’ iSzZHr/mZlsZri ^ thft last two weeks. Albani- 


an ^ sea and land borders with- Al b a n ia after expeumg aowi 
24 000 illegal Albanian immigrants in the last two weeKs, Albany 

dangerous to cross the southern Albanian border because Gior 
special police forces had begun to open fire without warnin g - 
Somesrid that Greece had deployed patrol boamn the sum 
channel separating the Albanian coast from the Greek Bland of 
Corfu and tha^ti was now impossible to make fh© crossing.^ • 

m a> -air VP V 13 « 




Successful Launch for Japan Rocket 


Q&A: Getting Aid to Rwanda Only Part of Solving the Problei 


rocket got T 

the ground after two failed launching attempts earlier in Ausust 
The rocket —the first to be developed entnely in Japan — took 
off as scheduled from Tanagashima, an island 615 males (985 
kilometers) southwest of Tokyo. The H-H ranymg a 2-ton, 
government satellite into a geostationary orbit 3 6 ,UUU tuometers 
. above the earth for telecommunications research, marki ng Japan’s 
entry into the satdHte-laiinchmg business. 


Andrew Bearpark is the head of the 
Emergency Aid Department at the 
Overseas Development Administration, 
the aid-giving arm of the British Foreign 
Office. He spoke in London with Erik 
Jpsen of the International Herald Tri- 


Q. Aid agencies have been criticized 
for doing too little, too late in Rwanda. 
Is that fail? 

A. In terms of the amount of aid 
flowing from the donor countries to 
Rwanda at (he moment, the quantities 
are very, very significant It is not fair 
to say that the effort is too little. It is 
certainly a very difficult effort because 
logistically it is a nightmare of a place 
totiytogetaidtaAsa result you’ve 
got bottlenecks at airports, etc. 

9- And the timing of the aid? 

A. I think it would have been very 
difficult to foresee the rate of move- 
ment of people across the border into 
Zaire much earlier than it actually hap- 
pened I was there two days before the 
exodus started You could see ii was 


about to start, but I think it would 
have been very difficult two weeks 
prior to that to say. T think this is 
what is going to happen." Besides 
which, a certain amount of work was 
done in advance of the mass move- 
ments into Goma. In retrospect it 
wasn’t enough. But when you are mak- 
ing contingency plans like that, they 
have a cost attached to them. It is a 
question of how much you can invest 
in stocks of things that may or may not 
be required 


nation. The UN’s department of Hu- 
manitarian Affairs working through 
the UNREO. the Rwanda Emergency 
Office, is in charge of overall coordina- 
tion. But they are trying to coordinate 
an incredible array of forces from the 
American military, with all of their 
might, to small nongovernmental or- 
ganizations who may employ people 
who do not even like being coordinat- 
ed 


Q. Is there anything to suggest that 
the donors are getting any better at this 
sort of aid effort? 


A. There are some encoui 
signs. The collaboration and coordina- 
tion that we have seen between agen- 
cies this time is significantly better 
than we’ve seen in some previous situa- 
tions. But it is a process. It is not a case 
of “yes, you've definitely got it right.” 

It is important not to overestimate 
the ease of coordination. There is 
somebody in charge in terms of coordi- 


Q. Critics say that in situations like 
Somalia, Bosnia and now Rwanda, we 
are treating only the symptoms, not 
the disease itself. 

A. Certainly, aid agencies would ac- 
cept that they are never the full an- 
swer. We are only part of the answer. 
What we do has to be seen in the 
context of a political process which is 
resolving the problem. Otherwise our 
effort would be largely wasted But 
there is no point in curing the disease if 
the patient is already dead. 

If one can find ways to prevent con- 
flicts occurring, that would be the sin- 


gle best investment anyone could ever 
make in humanitarian relief. We and I 
know, the United Nations as well are 
certainly moving in the direction of 
conflict resolution and preventive di- 
plomacy. But if the need for it arises, 
then humanitarian relief should be 
provided It is wrong that babies have 
to be operated on without anesthetic. 
It is wrong that children starve to 
death. 

Q. There has been talk in recent 
weeks of the crush of refugees from 
Rwanda to Afghanistan being simply 
too great for aid agencies to cope with. 

A. The problem of refugee move- 
ments has grown phenomenally in re- 
cent years, and all the agencies in- 
volved are under amazing pressure to 
try to provide services. They do that at 
the time when media interest in these 
subjects is absolutely intense. 


and there was not the pressure for the 
outride world to actually do something 
about it which exists today, when you 
have got 24-honr rolling news and sat- 
ellite TV crews on scene within hours. 

Q. Is that not a good thing? 

A. From a humanitarian point- of 
view, it is certainly quite right that 
these events are brought to the public's 
attention. But the media can create a 
distortion of effort in that they tend to 
focus on only one crisis at a time. But 
that is not the way the world actually 


TRAVEL UPDATE 


works. Public opinion pressed by the 

u dc 


Q. What is the media's role in this? 
A. The spotlight is on humanitarian 
aid Ten years ago or even five years 
ago. horrible events could take place 


media can sometimes push you down 
the path of responding to a certain 
crisis and ignoring other crises. ‘ 

Q- Such as what? . 

A. The classic example, at the mb-; 
ment must bfe that Rwanda, >Wiich‘is 
an absolutely horrific and awful trage-- 
dy, is the one that is getting all the 
world's attention. Conditions in parts 
of Bosnia are just as bad as they have 
ever been, but Bosnia is totally off the 
TV screen. Meanwhile, conditions in 
Angola are pretty horrific, too. 


Osaka’s Airport Will Finally Open 

• TOKYO (AFP) — It has been an engineer’s nightmare and a 
magnet for terrorist wrath, but on Monday, Japan ina ugu rates its 
$15 billion Iniwnatiinriftl Kansai Airport, & mamm oth project on 
the sea near Osaka designed to become the main gateway to Aa&| 
The airport, which took eight years to complete, will be the mos 
expensive in the worid to use. It has been built on an artificial 
island in OsakaBay, 5 kfltimetens from Japan’s thlrd-Iargestcfy, 
The task of throwing T50 iriflEori cubic meters of earth into the 
1 8-meter-deep ocean and toen stabflizing toe reclaim*^ landwhfl* 
wrak was continuing on the surface proved to be a nightmare. The 
problems delayed die opening of the airport by 18 months, sad 
increased the cost byJO percent. ... i 

The FVencfc police sand Stoiday that fbepa&e banting Jor.tln! 

; people who hurled large stones, road signs and jerricansat carsin 
heavy traffic on autdroutes south of Orange, seriously injuring 
two motorists. One was -in critical condition in a Marseflk 
hospital. A score of cars and three trucks crashed - (Reuters) 
■ Thousands of British stores legally opened their doors fos 
business for the first time Sunday. Under a law passed in Decern; 
her, shops can now open for six hours on -Sunday. Most of the 
country’s major supermarkets and chain stores have ignored the 
Sunday business ban, in operation since 1950, for years. (AFP) 






U.S. to Evaluate Russia’s Air Safety, at Its Request 


By Lee Hockstader 

Washington Post Sc met 

MOSCOW — The United 
States is about to launch a 
sweeping inspection of Russia’s 
airlines and air safety controls 
that will be the most compre- 
hensive evaluation of one coun- 
try's dvfl aviation system ever 
undertaken by another. 

Tie review, to be done by the 
Federal Aviation Administra- 
tion at the request of Russian 
authorities, comes after three 
serious air crashes in Russia this 
year and months of dire warn- 
ings about the dangers of flying 
in Russia. 

The warnings include an un- 
usual State Department travel 
advisory, issued last month, 
that amounts to a virtual ban on 
routine flying within Russia for 
U.S. government employees 
and diplomats until the results 
of the evaluation are known. 


The Federal Aviation Ad- 
ministration review is a re- 
sponse to concerns that Russian 
air carriers do not meet interna- 
tional safety standards. It arose 
in part from concerns that Rus- 
sia's aviation oversight system 
might receive a poor rating in a 
“technical assessment” of the 
sort the American agency car- 
ries out in smaller countries 
when a new airline wants per- 
mission to fly to the United 
Stales. 


That, in turn, could jeopar- 
dize the status of Russia's 40 or 
so weekly flights to the United 
States. By undertaking a broad- 
er. cooperative evaluation, the 
agency hopes to coax Russian 
authorities into addressing 


what many see as yawning holes 
in their air safety procedures 
before a more exacting techni- 
cal assessment is done. 

“It’s unprecedented, but we 
think it’s worth the time and 
effort,” said Anthony J. Broder- 
ick. the agency’s associate ad- 
ministrator for regulation and 
certification. 

A high-ranking agency team, 
scheduled to arrive here soon, 
plans to Tan out across the 
country to scrutinize regional 
aviation regimes. The review is 
to be paid for by the Federal 
Aviation Administration and 
the U.S. Agency for Interna- 
tional Development. 

Of particular concern is the 
extent to which Russia’s new 
regional airlines — spinoffs 


from the once- monolithic state 
airline Aeroflot — axe meeting 
international safety standards. 

There are nearly 300 of these 
“baby-flots” scattered around 
the country, many of them lack- 
ing the resources and experi- 
ence to repair, maintain and op- 
erate the planes they inherited. 
And while these spinoff airlines 
are still state-owned, it is un- 
clear bow effectively they are 
regulated by the government. 

Aviation administration offi- 
cials, while acknowledging the 
lapses in Russian air safety, 
tend to dismiss much of the 
publicity about aviation here as 
alarmist Mr. Broderick, for ex- 
ample. said some of Aeroflot’s 
terrible reputation was a by- 
product of its dismal cabin ser- 


vice and standards of hygiene. 
Planes without seat belts, pas- 
sengers in aisles and baggage on 
seats are not uncommon on do- 
mestic flights. 

“But if you compare Russian 
safety data with other parts of 
the world, they are not way out 
of line,” Mr. Broderick said. 
“From a safety analysis point of 
view, it does not appear as bad 
as Western media would have 
you believe.” Nonetheless, he 
acknowledged that “it's a little 
or a k>t worse than in the U.S.” 

The inspection will cover al- 
most every aspect of aviation 
such as air traffic control, main- 
tenance, standards, certifica- 
tion, accident investigation and 
governmental regulatory struc- 
ture. 


U.S. Payment Set 
For Foreigners in 
Iraqi Incident 


Com/akd tf Oar Staff From Diqtwdta 


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fee (31 Q) 471-6456 



Fax or sand iMM mura (or 
FREElYAU/ATCTi 


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2875 S. King Street - Dept. 23 
Honolulu. HI 96826. 


London Suggests New Flexibility on Irish Partition 


By James F. Garity 


New York Tutus Service 


DUBLIN — With expectations rising 
here and in Northern Ireland that the out- 
lawed Irish Republican Army is about to 
announce a cease-fire in the north, the 
British government moved over the week- 
end to indicate flexibility on the IRA's 
baric and historic demand: an end to the 
partition of Ireland into the province of 
Ulster and the Irish Republic. 

On Saturday, in a move that surprised 


officials and independent analysts, the 
Northern Ireland Office, the seat of British 
authority in the province, announced that 
the section of Northern Ireland Act of 
1920 that established partition was now 
irrelevant and “pretty much a red herring." 

The statement said that other British law 
superseded the 1920 act and already pro- 
vided that a change in the status of the 
province was possible if the majority of the 
population wanted it. Protestant political 
leaders oppose change that would sever the 
union with Britain. 


[Sinn Fein, the IRA’s political wing, said 
Sunday that “essential ingredients” may 
be in place for a peace strategy, Reuters 
reported from Belfast Gerry Adams, the 
Sinn Fein leader, gave his assessment of 
peace prospects in a joint statement after 
talks Sunday with the moderate nationalist 
politician John Hume.] 


Analysis said the British statement 
would be welcome to both the IRA, its 


political wing. Sum Fein, and the Irish 
government. 


WASHINGTON — The 
United States will pay 5100.000 
to family members of each of 
the II foreigners who were 
killed last April when U.S. Air 
Force fighter jets mistakenly 
shot down two army helicopters 
over northern Iraq. 

In a statement, the Pentagon 
said Defense Secretary William 
J. Perry was authorizing the 
payments as a humanitarian 
gesture, not because they were 
mandated under U.S. or inter- 
national law. 

The foreign nationals on 
board toe two Blade Hawk heli- 
copters included British, Turk- 
ish and French military person- 
nel In addition, there were five 
Kurdish workers who were em- 
ployed by toe UJS. government. 

In London, Mick. Thompson, 
the father of a British soldier 
killed by U.S. gunfire in the 
Gulf War complained that he 
was ignored while Washington 
raid compensation for toe two 
British officers killed in April. 
Mr. Thompson's son, Lee, and 
eight other British soldiers were 
lolled in February . 1991 when 
two American A- 10 aircraft; 
mistakenly fired on their ar- 
mored cars in action in Iraq. 

(WP, AP) 


Hus Week’s Hobdays 
Banking and government offices will be closed or services 
curtailed in toe following countries and their dependencies this 
week because of national and religious holidays: 

. MONDAY: Britain, Gibraltar, Hong Kong, Macao. 

. TUESDAY: Pera,Tai>ry. 

WEDNESDAY: Afghanistan, Kyrgyzstan, Malaysia. 

- THURSDAY: Centra! African Republic, Libya. 

FRIDAY: Vietnam. 

SATURDAY: Monaco, Qatar, San Mbiino. • 

Sources: J.P. Morgan, Beaters 


As Tourists FUm, Mother 
Dies Trying to Save Girl 


■rri 


The Asso c iaud-Pnn - - 

MONT SAINT-MICHEL, France — Dozens of tourists ai, 
the ancient abbey of Mont Saint- Michel impassively watches* 
and even videotaped a young mother who drowned while 
trying to save her child. 

The incident, winch occurred last Monday, was reported 
over toe weekend to toe French press by merchants at the 
celebrated landmark who were outraged by the visitors’ 
callous behavior. 

Residents reported hearing one tourist say, “I got toewhok 
thing on tapei” 

Monday, a 6-year-old girl, Victorine Guillem ee, and 
*^ r toother, Marie-Noelle, where walking along toe base oT 
toehfll when toe child fell into a deep water hole. 

As tte frantic mother tried to save her, tourists apparently 
watched without trying to intervene or search for rescuers. 
Some videotaped the incident. 

A cafe owner, his curiosity aroused by toe tourists staying 
2L!i sa ™ e pkee* realized what was happening and ran to 
nndrwo firemen. They were able to save toe girl, but not the 




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jir POLITICAL \OTESyC 


Rwanda and Cuba; Who'» Colng to Pay? 

WASHINGTON— - With.the Pentagon's relief mission in 
Rwanda and the refugee interdiction effort in the Caribbean, 
the Clinton administration has undertaken open-ended com- 
mitments costing mfflions of dollars a day without agreement 
on how to pay for them. . 

1 Arimini sfritido -' officials' and congressional sources have 
scrambled to calculate how much, the operations actually cost 
and to identify, sources of funding, as several agencies tried to 
fight oEfeffortsioraid their budgets. 

Congress bas appropriated £50 million for refugee relief in 
Rwanda,- aptf -ah additional S170 million is pending in the 
Fiscal 1995 defense appropriations bDL But $151 million had 
already boon spent as of a week ago, administration officials 
said. .... ■. 

The fitoid picture is even murkier in the Caribbean. No 

transport, feed and hoosg tens of thousandsoT Cubans and 
Haitians who have beat sent to camps at the VS. naval base 
in Cuahtinaxno Bay, Cuba. . - 

In effect* officials said, the navy and other military services 
axe carrying out the in terdiction campaign and absorbing the 
costs, hoping to get themoney Track later— a situation that is 
stirring concern among members of Congress worried about 
reports that shomges of funds are forcing the Pentagon to 
caned some training exercises and stretch out weapons pur- 
chases. ■•••-- • • ‘ r ‘ 

The Pentagon spokesman, Dennis Boxx, said $230 million 
had been spent on the Haitian -refugees alone in the current 
fiscal year. That figure is certain to grow rapfcQy because the 
number of Cubans at Guantanamo Bay is already nearly 
equal to the tmthber of Haitians. 

Total spending seems certain to rise into the billions of 
dollars because even if no more refugees are interned, those 
already at Guantanamo will have to be cared for until the 
governments in their home countries change — a prospect 
that does not appear ixmnment, despite the Cfintcm adminis- 
tration’s efforts to put pressure on the regimes. (WPj 

Jackson Hints Ha’ll Challenge Clinton 


Debating the Great Debaters 

Public Seems Unamused by Rhetoric in Capital 


WASHINGTON — After harshly critiaang the compr 

dJes 






pro- 
mise anti-crime bill that cleared Congress, the Reverend Jesse 
L. Jackson has strongly hinted that he may challenge Presi- 
dent Bill . Clinton in 1996 m the Democratic primaries or as an 
independent 

Mr. Jackson, who was rebuffed by Mr. Clinton more than 
once in the 1992 campaign, did not go so far as to say he 
would run. But he encouraged such speculation at a breakfast 
with reporters. 

“It's wide open,'” Mr. Jackson said. Asked if he considered 
himself a threat to Mr Chnion, be replied: “1 don't see myself 
as a threat. I see mysdf as therapy. 

Rearing wh&r be callod the failed preanises of the adminis- 
tration, Mr. Jackson said black ana urban Americans had 
been neglected. He said that jobs had been sent to Mexico 
with the North American Free Trade Agreement and that 
“the bottom line is, urban America today is more abandoned 
and morealienated.'! 

Asked what be liked about Mr. Clinton, Mr. Jackson 
offered more criticism than praise. “I like his vision, the hope 
he generated,” he said. “Arid yet in the crunch, the promises 
were negotiable. It seems as if what he knows is in one column 
and what be does is in another.” 

And in an interview later, Mr. Jackson was even stronger in 
hinting about running. “The option that would have the most 
impact/* he told The Associated Press, "would be the inde- 
pendent option in the general ejection." 

Mr. Jackson ran unsuccessfully for the Democratic presi- 
dential nomination in 19S4 and 1988 and has worked to 
register minority voters in the South. (NYT) 

Qiwto/Rmwote .... . 

Jules Fdffer, toe cartoonist and a regular on Martha's 
Vineyard, on Mr; Clinton, who began Ins vacation on the 
island over the weekend: "Give the poor guy a break. He’s 
been beaten bloody by everyone, including myself.” 

. - (NYT) 


By Dirk Johnson ibedr top a 

rHirirji ** *£* Tima stmre fused about what exactly is in the bill or has been 

.i.„ . *“* .customers in the coffee taken out after all die wrangling, and skeptical 

ri t ^^. UlkinS - poll,1C5: care, the defi- about what the legislation can accomplish. 

"VW F" sciences. “It's aD smoke and mirrors," grouied Wavne 

thp ° Sr und the t * >w ? ter was tuned to Konecny, 38, a union pipefitter, clutching a cof- 

scre en flashed on the U.S. fee thermos and a rolled-up newspaper as he 
i m n waiting for some wailed to board an H train m Chicago. 

passioned oratoiy from that august chamber. "It's not going to do anything but raise my 
Savv ^^sAIfonse M. D’ Amato, the taxes,” he said. “The Democrats want more 
^ en f lar ^9™ New York, bouncing social programs. The Republicans want more 
jovially andangmgU) the tune of “Old Mac Don- prisons. Neither one’s going to do any good.” 

. fjf 51 * a P 01 /’ “ere a pork, everywhere a Pitted against gang members, he continued, 
■ e s *f ndm 8 next to a huge picture of “What's a social worker going to do? And the 
P*£ feeding .at a trough, ini ended to prisons ■ — they’re filling them up with two-bit 
l bonze the waste m the enm* hm •>-. druggies, while the kingpins walk.” 

“The problem is, we got $5-an-hour jobs in a 
world where it takes $10 an hour to live,” he said. 
“And none of these politicians got any solutions 


aid" — 
pork-j 

a pi _ 

symboliie the waste in the crim e biH, which the 
senate passed Thursday by a vote of 61 to 38. 

The next image on the screen was that of 
aenator Frank R. Lautenberg, Democrat of New 
Jersey, countering Mr. D' Amato's cl aims with 
none-too-stibtle references to what gets shoveled 
out of a pigpen. 

A restaurant worker shook his head in disbe- 


for that" 

The shifting political alliances on the crime 
bill left many wondering whom to trust- “Every- 
body is for a b31 that claims to be a gains t crime,” 


J. — 111 UJOUU- WUJ JbJUl U UUI UJ0L 

hef and mumbled something in Spanish. Several said Tex Griffin, 52, a lawyer, 
patios pxraned m embarrassment. “And I'm generally pleased that it passed. Bui 

^vvnat a snow, signed Joe Riehi, 37, a video I’m not sure how much good it will do. And the 


. * - • t — * 1 _ v - ’•'ivv * IU uvi JU1V UVT» muwu 5WU u wui uo. r vuu 1 

iccnmcian. 1 don t think we can lay much hope whole thing was just so much posturing.'' 
on the guys in Washington coming up with To Mr. Riehi, the video technician, politick 
answers to our problems.” are little more than actors. 

Amencans seem to be little amused by the “In this day and age, the televisio: 
state of affairs in the nation’s capital these days, constituent and they’re all playing to iC 
Judging , from dozens of interviews around the “And so much of it is all for show. You’l 


technician, politicians 
are little more than actors. 

by the “In this day and age, the television is the 

"be said. 

country, from suburban cul-de-sacs to gang- politician calling another one names. But when 
pockets of tattered urban neighbor- it's all ova-, ana the cameras have stopped roll- 
hoods to Uttle towns ringed by cornfields, voters mg. I’m sure they get together and go out for 
increasingly see a government so riven by parti- dinner. It’s just all part of the game.” 
sanship that civic duty seems to have become an Bill Biagi, 32, of Chicago, has stopped reading 

afterthought and the truth as malleable as putty, the news from Washington. 

. Even President Bill Clinton’s success in press- “After awhile, you get so disgusted and fed up 
mg Congress to approve a bill intended to Urght you just turn off," said Mr. Biagi, a computer 
crime — an issue that most Americ ans say is programmer. 

Narrowing the Simpson Case 

fVe- Trial Pace Steps Up as Legal Strategies Take Shape 



Jim Bi>urg.'Rvuin\ 

TWO GOLFING BILLS — The founder and chief executive officer of Microsoft Corp,, 
Bill Gates, replacing the flag after holding it for President Bill Clinton as the two play a 
round of golf during Mr. Clinton's vacation on Martha's Vineyard in Massachusetts. 


U.S. Focus on Cuba 


oup 



By Douglas Farah 

- H'asMnjpan Past Service 

PORT-AU-PRINCE, Haiti 
— The sudden U.S. preoccupa- 
tion with Cuba has forced the 
redeployment of ships enforc- 
ing the international embargo 
against Haiti, enabling the is- 
land’s military leadership and 
wealthy merchants to rebuild 
(heir smuggling networks, 
sourcessay. 

; The result has been a notice- 
able increase in Iuxmy goods 
.ind gasoline products m Bor t- 
au-Prmce, brought in over land 
and by sea from the neighbor- 
ing Dominican Republic, 

.’ In Washington, Pentagon of- 
ficials acknowledged that, while 
14 navy ships had been sta- 
tioned off Haiti earfier in the 
Summer, only six were there 
now, plus two foreign frigates. 
But they said that eariiw ia the 
Summer the military had been \ 
helping the Coast Guard {rick J 
bp fleeing Haitians, a flow that 1 
has ended. ......... { 

I “Any notion that .the Chbas • 
regjnci&oUthchockissBkns- I 
ly mistaken,** said a Pen ta gon i 
spokesman, speaking of the ; 
Haitian junta led by Lieutenant f 
Deaeraf Raoul Ofctiras. “We j 
continue to have a significant i 
presence in the Caribbean 1 
around Haiti that is 
by other nation’s 

• {Peter TarnoEf, US. under- j 

secretary of slate for political ; 
affairs, said Sunday that xmli- j 
lary intervention wassail possi- ] 
bit. Agence France-Presse re- i 
ported from Washington. ; 

• l“We are proceeding to plan i 

for a possible intervention ia j 
Haiti under the terms of the \ 
UN Security Council Resold- i 
don 940.” he said in a broadcast * 
: aterview.J 1 

'■ In an effort lo.fcrce the mih- i 
tary to allow the return of the 

ousted president, the Reverend I 
Jean -Bertrand Aristide, the i 
United Nations, led by the ; 
United States, placed Haiti im- f 
der a nearly complete conuner- 
dal embargo on Mav 2i and ! 
deployed a number of Snps off 1 
die coast to enforce 4he mea- 1 
?iire. 

1 The vast majorily of Haiti’s? ■' 
million readcatshaveseeu thri r 1 
purchasing power deefine daiiv 


By Jim Newton 

Los Angeies Tima Service 

LOS ANGELES — With 
three weeks left before (be 
scheduled start of O.J. Simp- 
son’s murder trial, a rapid-fire 
series of developments have 
brought the case into sharper 
Focus, narrowing some of the 
options for defense attorneys 
and forcing both rides to gam- 
ble as they build their trial strat- 
egies. 

Last week, several of the 
building blocks were set in 

S lace in the case against Mr. 
irnpson, who has proclaimed 
his innocence in the face of 
charges that he murdered his 
former wife, Nicole Brown 
Simpson, 35, and her friend 
Ronald Lyle Goldman. 25, on 
June 12. Each new development 
alters the emerging strategies of 
the two sides, who are moving 
to bring the case to trial on 
SepL 19. 

The strategy considerations 
are subtle and complex, in pan 
because the case is moving to 
trial before all Lhe evidence has 
been gathered and analyzed. 
Moreover, the high level of pub- 
licity creates an especially 
tricky challenge for Mr. Simp- 
son's attorneys, who are con- 
ducting the delicate dual task of 


under tire embargo, with inila- trying to challenge every poten- 
tion robbing the local currency, tia! weakness in the government 


the gourde, of 40 percent of its 
value in the last month alone. 

But dealers in luxnry goods 
and penoleam products, after a 
few months of Irani times, are 
a pln doing a brisk business, 
calculated largely in dollars. 

The Clinton administration’s 
x distraction is not the 
tune U.S. pcdicy on Haiti 
bas been influenced by events 
elsewhere. 

In October, after the Haitian 
military agreed to a UN-bro- 
kered peace plan to allow the 
return of- Mr. Aristide; U.S. 
farces began taking casualties 
in Somalia. When a hostile 

the Pentagon refusetfto let a 
shipload of U.S: and Canadian 
tramers disembark. 


case without signaling to pro- 
spective jurors mat they are in 
any way desperate. 

“That is a very, very real con- 
cern to us," Robert L. Shapiro, 
Mr. Simpson's lead attorney, 
said Saturday. “As lawyers we 
have a legal obligation to raise 
all legal and factual issues as 
they are presented. There is a 
risk that members of the public 
who do not have a complete 
understanding of our obligation 
will think that this is some sort 
of diversionary tactic.” 

Among the recent develop- 
ments shaping strategy for both 
sides are revelations that the 
latest round of DNA tests point 
to Mr. Simpson, 47, as the 
source of a blood drop at the 
scene of the killings and that 


hair samples from a knit cap 
discovered near the bodies re- 
sembles Mr. Simpson's. 

A ruling from Superior Court 
Judge Lance A I to last Friday 
also cleared the way for prose- 
cutors to go ahead with their 
DNA testing, a setback for de- 
fense attorneys that some ex- 
perts nevertheless believe may 
ultimately work in Mr. Simp- 
son’s favor. 

The defense has scored most 
of its points by attacking the 
government case — detectives 
have been accused of lying, 
prosecutors of deceiving and 
analysts of performing slipshod 
work. That may be undermin- 
ing the con fidence that prospec- 
tivejurors have in the evidence, 
legal analysts said. 

Some experts credit Mr. 
Simpson’s defense team with 
contesting the government law- 
yers at every opportunity and 
with using the pretrial hearings 
to erode the sense that the po- 
lice and prosecutors have built 
an open-and-shut case against 
lhe former football star. 

“That's their job/' said Barry 
Levin, a criminal defense law- 
yer and former Los Angeles po- 
lice officer. 

The attack strategy is espe- 
cially risky, some legal experts 
say, because observers may 
grow weary of the challenges to 
witnesses and come to conclude 
that Mr. Simpson’s lawyers are 
prepared to vilify anyone who 
offers evidence against their cli- 
ent 

“Even to me, as a defense 
attorney, it seems that they look 
more and more like they’re de- 
fending a guilty guy," said Har- 
land W. Braun. “Thai’s some- 


thing they need to be careful 
about," 

But Laurie Levenson. a Loy- 
ola Law School professor and 
former federal prosecutor, said 
the defense approach could 
send inadvertent messages to 
potential jurors. 

“That's always the danger of 
the shotgun defense,” she said. 
“It seems hard to believe that 
everyone associated with the 
case made a mistake or is out to 
get O. J. Simpson. It's contrary 
to vour a>mmon sense.” 


Away From Politics 


• A tornado whipped through the central Wis- 
consin town of Big Flats, killing two people, 
injuring seven and crushing the municipal 
building “like a soda can." a National 
Guardsman said. A second tornado, in Eau 
Claire County. Wisconsin, killed two people, 
including a £year-old girl. 

• In the first open- bear! surgery done on an 
ape, a medical team worked Tor seven hours 
Saturday to repair a life-threatening hole in 
the heart of a young orangutan at the San 


Diego Zoo. The prognosis for the animal is 
excellent, the lead surgeon said. 

• A Swaithmore College student has filed a 
lawsuit seeking 10 Mock readmission of a male 
student whom she accused last fall of stalking 
her after she refused to date him. 

• A permanent ban on new offshore oil drilling 
along the entire 1,100 mile length of the 
California coast has been endorsed by the 
State Senate, which returned the legislation to 
the Slate Assembly for a final vote. 

AT. I AT, \ YT 


Train Crash in India Kills 3 

The Assoaoied Press 

NEW DELHI — A passen- 
ger train rammed into a station- 
ary freight train Sunday in 
western India, killing 3 people 
and injuring 49 others, a news 
report said. 


On September 5th, 

the IHT will publish a Special Report on 

Aviation 

Among the topics to be covered are: 

■ Developments of the GE90, a new aircraft engine. 

■ Future of mergers and acquisitions in the industry. 

■ Importance of the Chinese market in aircraft sales. 

■ Privatization of airports. 

■ Secrets of success for the European charter industry. 


An extra 3,000 copies of the newspaper win be distributed 
at the Famborough Air Show on the same day. 

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international 


TRIBUNE, MONDAY, AUGUST 29, 1994 


The Wreck of the Revolution 

Cubans Live on Diet of Worry, Uncertainty and Struggle 


By Roberto Suro 

Washington Post Semes 

HAVANA — Cuba today is a nation wait- 
ing nervously for something to happen. 

Ever since the demise of Communism in 
the Soviet Union three Augusts ago. Cuba has 
been an economic and political orphan. It has 
suffered a precipitous decline and has yet to 

REPORTER’S NOTEBOOK 

take on a new identity. There seems to be a 
widespread conviction, expressed by ordinary 
citizens and foreign analysts and in the sub* 
text of President Fidel Castro's statements, 
that something has to change. 

For a correspondent returning to Cuba 
after an absence of 17 years, the most notable 
change is in expectations. During two extend- 
ed reporting trips in the mid-1970s, it was 
obvious that some Cubans believed in Com- 
munism, some hated it and many just went 
along with it. But everyone knew there was a 
functioning system that handed out rewards 
and punishments on a predictable basis. 

All of that has been replaced by a profound 
worry that Mr. Castro's reign could end in 
bloodshed, uncertainty about the nation's 
present course and an exhausting daily strug- 
gle Tor survival that consumes all but the most 
privileged. 

In the 1970s, few visitors left without a tour 
of AJamar, a new town built east of Havana as 
the revolution's showpiece. 

Using East European technology, “micro- 
brigades'’ of future residents constructed 
their own apartment buildings out of prefab- 
ricated concrete slabs. Although spartan, the 
dwellings offered better housing than most of 
the poor in Cuba or anywhere else in Latin 
America could expect The apartments were 
awarded to people on the basis of exceptional 
performance at work and zealous participa- 
tion in Co mmunis t Party organizations. 


Now the bright paint and tropical plants 
that had relieved the drab uniformity are 
gone, and many buildings are obviously in 
need of repair. But the changes at Alamar are 
more than cosmetic. 

On a recent afternoon, the only good news 
in one section of the town was the arrival of a 
tanker truck. There had not been any water in 
the pipes for three days. A strong, heavyset 
woman set down two big plastic buckets and 
rubbed the palms of her hands. 

“This is how I spend my days,” she said, 
“To get food for your family, water, soap to 
clean with, to find a way to get your children 
clothes ■— that is a full-time occupation.” 

This is not simple poverty as it is experi- 
enced in the rest of the world. The woman was 
not suffering because she was poor but be- 
cause Cuba is a wreck. She lives with her 
husband, sister and two children in a one- 
bedroom apartment. 

“You can spend 10 years working on a 
micro-brigade, and you'll get nothing because 
they are building so little;” she said. 

The revolution can no longer hold out any 
carrots, and it does not have many sticks, 
either. 

At a government dispensary in central Ha- 
vana one morning, three men stood discuss- 
ing the meager provisions they got with their 
ration books and the black-market maneuver- 
ing they had to do to secure dollars to buy 
food at special foreign-exchange stores. 

One or their neighbors, a gray-haired man, 
stopped in, and they identified him as the 
chief of the local Committee for the Defense 
of the Revolution, but they kept on voicing 
their complaints. In the past, those commit- 
tees, organized on every block in every town, 
could ruin someone's life by merely suggest- 
ing that they lacked zeal. 

“Now the militants are too busy trying to 
keep themselves alive like everybody else to 
bother much with denouncing anyone,” said 
one of the complain ers. 


CUBA: U.S. Rejects Widening Talks Beyond Refugees 


Cbutinued from Page 1 

taken to the Guantanamo base 
and will “not be allowed to be 
processed for admission into 
the United States.” 

The administration's re- 
sponse to the refugee crisis 
came under fire Sunday from 
both Democratic and Republi- 
can congressional leaders, who 
.accused the White House of be- 
ing loo reactive and indexible. 

“I think the urgent need now 
is for the president of the Unit- 
ed States to spell out fairly soon 
what the objectives of our poli- 
cy are in Cuba.” said Represen- 
tative Lee H. Hamilton. Demo- 
crat of Indiana, chairman of the 
House Foreign Affairs Com- 
mittee. Calling the White 


House actions to date “very re- 
active." Mr. Hamilton urged 
the administration to be more 
creative in promoting political 
change in Cuba. . 

“I think we've had a lot of 
experience in recent years about 
how you move a Communist 
country to freedom.” Mr. Ham- 
ilton said. “And the lesson of 
that is to broaden and to inten- 
sify contacts." 

Both Mr. Hamilton and Sen- 
ator Richard G. Lugar. Repub- 
lican of Indiana, said the trade 
embargo against Cuba should 
not be lifted, but strongly sug- 
gested it could be weakened in 
exchange for favorable political 
actions by Mr. Castro. 

“1 would suggest that we not 
shv awuv from talks with Cas- 


tro or with other Cubans." said 
Mr. Lugar, a senior Republican 
on the Senate Foreign Rela- 
tions Committee. “Our govern- 
ment should be fully capable, as 
a great power, of talking with 
anyone." 

But the State Department of- 
ficials categorically rejected 
such advice. “Our policy objec- 
tive is (o help achieve a demo- 
cratic society in Cuba with a 
frcc-markct economy, the liber- 
ation of political prisoners and 
an open political system." Mr. 
TarnofT said. 

But. he added, “we're not go- 
ing to negotiate broader ques- 
tions with them." nor consider 
an easing of the economic em- 
bargo. 


DOLLAR: Rise in U.S. Markets Sets Off Alarm Bells 


Continued from Page 1 

help pull the dollar up against 
all other currencies.” His target 
is 107 yen and 1.65 marks. 

But London-based analysts 
at Citibank and J. P. Morgan 
are less sanguine. Neil MacKin- 
non at Citi cautions that for 
multiple reasons “we’re a long 
way from a resumption of sig- 
nificant capital outflows from 
Japan even if there is a trade 
agreement” 

And regardless of how much 
the dollar might strengthen 
against the yen, both he and 
Avinash Persaud at Morgan 
agree that the outlook for the 
mark remains strong, as the 
German economy is expanding 
faster than expected and inter- 
est rates are unlikely to be cut 
soon. 


Mr. Persaud also noted that 
“if the rally in the U.S. bond 
market is fuel for the dollar, 
both are headed for a brick 
wall.” 

The Morgan specialists ex- 
pect the August reports of the 
purchasing managers’ survey 
Thursday followed by employ- 
ment d3ta on Friday will 
squash hopes that economic 
growth is slowing significantly 
enough to forestall further big 
increases in short-term interest 
rates. 

Mr. MacKinnon scoffed at 
reports that last Friday's rise in 
bond prices was pulling foreign 
investors back into dollar in- 
vestments. 

“We saw lots of price action 
in the exchange market, a typi- 
cal late Friday reaction by trad- 


ers to cover short positions.” he 
noted. “We’ re not seeing buy- 
ing based on medium- and 
long-term investment decisions. 
Fund managers remain on the 
sidelines, unwilling to build up 
their dollar holdings.” 

For Simon Crane, an adviser 
on the market’s technical per- 
formance, Friday’s surge in the 
dollar’s value “does not alter 
the big picture of a weak dol- 
lar.” 

“It’s now near the upper limit 
of its current trading range," he 
said, adding that he expeetd it 
to run into considerable selling 
pressure as it nears 1.60 marks 
and 102 yen. 

See our 

In fat n at ion al to ouH watf 
every Thuraday 


Roundups 
In Morocco 
Protested 
By Algeria 

The Associated Press 

ALGIERS — Algeria on 
Sunday protested police round- 
ups and harassment of its na- 
tionals in Morocco In an esca- 
lating dispute between the 
North African neighbors. 

The protest came a day after 
Algeria announced the “tempo- 
rary” closure of the land border 
following orders by both coun- 
tries requiring entry visas for 
each Odra's nationals. Morocco 
imposed the controls first, after 
two Algerians were arrested 
Friday and accused of plotting 
attacks on banks, security 
forces and citizens. 

Morocco arrested the pair 
du ring a manhunt for robbers 
whosoot to death two Spanish 
tourists in the lobby of a hotel 
in Marrakesh. 

Algerian media have report- 
ed accounts of indiscriminate 
sweeps by Moroccan police 
against Algerian visitors. Alge- 
rian-registered cars are stopped 
and the occupants taken to po- 
lice stations where they are in- 
sulted, pushed around, ques- 
tioned and fingerprinted, the 
reports say. 

Moroccan newspapers have 
characterized the hotel robbery 
as part of a “destabilization” 
campaign, while the Spanish 
press has raised the specter of 
Algeria’s Islamic rebellion spill- 
ing into Morocco. 

Morocco's Interior Ministry 
eased visa rules to allow special 
entry passes for Algerians 
through Tuesday, if they “justi- 
fy their ignorance” of the rule 
and show pressing need. 

The passes, obtained at bor- 
der posts, could help Algerian 
residents of Europe on vacation 
in their homeland to return via 
Morocco and Gibraltar. 

Hundreds of such people 
were stranded at the border Sat- 
urday. They worried about re- 
turning on time to work or 
school in Europe after being 
told that obtaining entry visas 
could take weeks. 

The state airline Air Algerie 
scheduled special flights to and 
from Casablanca, Morocco’s 
largest city, on Sunday to repa- 
triate Algerians stuck in Moroc- 
co, stale-run radio reported. 

The government also urged 
the national ferry company and 
the state railroad to give priori- 
ty to brin g in g home stranded 
Algerians. 

The long-hostile neighbors 
had mended fences in recent 
years, as Algeria wound down 
support for Polisario rebels dis- 
puting Moroccan control of the 
Western Sahara. 

Visas had not been required 
since at least 1990, when the 
Maghreb Arab Union — which 
includes Libya, Tunisia and 
Mauritania — lowered most 
frontier tonlrols. But the bor- 
der has become an entry point 
for arms and Islamic fighters 
opposing Algeria’s government. 

Some 14,000 Algerians live in 
Morocco, and 119,000 Moroc- 
cans in Algeria. About a million 
i Algerians visit Morocco annu- 
ally. Tens of thousands of Eu- 
■ rope-bound Algerians cross 
[ Morocco each year. 




•— * V1ad> Dinritrijev/Ago** Franct-Pl'iwt 

Bosnian Serbian soldiers voting Sunday near Sarajevo on a referendum on ffl lhtentthoiid peace plan for ® OSI “ a ' i 

SERBS: Russian Urges Milosevic to Allow Monitors Along Bosnian Border ■ 


Continued from Page 1 

of heart was his growing concern about 
the cumulatively punishing economic 
sanctions cm Serbia and the international 
community’s threat of tightening them if 
Mr. Milosevic again rejected the border 
monitors. 

As for the international community, 
manifest weariness has replaced on co- 
high hopes of bringing the Serbs in Serbia 
and Bosnia to heel and forcing the Bosni- 
an Serbs to give up major conquests, 
which now amount to more than 70 per- 
cent of the territory of Bosnia-Herzegovi- 
na. 

Mr. Milosevic announced his own arms 


and trade embargo on Bosnia’s rebel 
Serbs on Aug. 4, foreshadowing yet an- 
other shift in a long series of tactical 
moves that have made his name a Balkan 
byword for political maneuvering. 

A dose adviser of Mr. Milosevic’s re- 
cently said privately that the Serbian 
tra der was “personally in favor of moni- 
tors.” 

“The problem is selling it to the pub- 
lic,** the adviser said. . 

“Nothing he does right now can be seen 
as bowing to Western threats,” he added. 
“AH has to be done in filename of peace.” 

Mr. Milosevic shifted the debate tins 


'week. to the necessity for peace despite; 
some nationalist accusations that be t 

was betraying the cause of Greater Serbia t i 
by blockading the Bosnian Serbs. j 

• He masterminded a debate in Serbia’s ! 
Parliament on Thursday and Friday,, 
deftly winning an overwhelming endorse- j 
mentfor the peace plan and isolating the 
nationalist opposition, which was re-, 
duced to staging a walkout. . \| 

Western diplomats have suggested that . 
many border monitors could be drawn ; 
from the corps -of unarmed European 
Union observers first dispatched to the > 
former Yugoslavia in 1992. ■ '* 


SSF 5 Unity Marks New Jericho Era 

i ~r u — 1.. Of 


By Caryle Murphy 

WasUnffan Past Sayice 

JERICHO — Three months 
after Palestinian self-rule be- 
gan, this town’s Israeli-appoint- 
ed mayor officially resigned 
Sunday, handing over power to 
a new council comprised of 
members from all the major 
Palestinian political factions. 

Standing under a picture of 
Yasser Arafat in his office of 14 
years, Jamil Khalaf gave his 
desk keys, his official car, a rub- 
ber stamp of the municipality 
and a pile of dog-eared finan- 
cial records to Hassan Saleh, 
chairman of the new counciL 
“Now, thank God, Fm free,” 
said Mr. Khalaf, adding that he 
had asked Mr. Arafat to accept 
his resignation. The new coun- 
cil “wfll have to start from zero 
and work,” he said. “We are 
starting with our test to have 
peace, to be a democracy.” 

The council of 13 members is 
a significant achievement be- 
cause of the participation of an 
the political parties, including 
the Islamic Resistance Move- 
ment, Hamas, and the Popular 
Front for the Liberation m Pal- 
estine, which both reject the 
self-rule accord with IsraeL 
“If a dog bites a man it’s not 
news. But if a man bites a dog 


it’s news. So now, if we have 
unity among the Palestinians, 
it’s news,” said Saab ErekaL - 

As minis ter of local govern- 
ment in the Palestinian self-rule 
authority, Mr. Erekat brokered 
the long and arduous negotia- 
tions that preceded the coun- 
cil’s formation. 

“I think it’s a very, very im- 
portant day not only for Jericho 
but for the Palestinian people to 
have been able to achieve a na- 
tional unity list with the partici- 
pation of all the parties,” he 
added. 

His success contrasts with the 
troubles encountered in Gaza, 
where the new mayor appointed 
by Mr. Arafat took too long in 
setting up a city counciL Mr. 
Arafat replaced him and ap- 
proved a council heavy with 
supporters of his Fatah faction 
ana without the consent of oth- 
er political groups. 

This West Bank town near 
the Dead Sea, a lush oasis of 
banana and palm trees sur- 
rounded by parched mountains, 
is the other half of the Gaza- 
Jericho First, as the self-rule 
deal is sometimes called. 

Though better off than Gaza, 
Jericho residents have felt 
somewhat neglected by the new 
Palestinian authority, most of 


whose officials haveset up shop 
in Gaza rather than here. . 

Dressed in white shirts and 
white kaffiyahs, Palestinian no- 
tables from other West Bank 
cities, who hope to replicate; 
soon what happened here, 
crowded into the mayors office 
to offer congratulations. 

. Outside in the street, a chd- : 
dren’s. choir sang the Palestin- 
ian anthem- and . a banner an- 
nounced that “Jericho is 
embodying unity in its inunjei- ' 
pal council.” 

Mr. Saleh, a native of Jericho, 
ah El Fatah member and a for- 
mer PLO military commander, 
said. “We have a taken over a 
dry which is completely de- 
stroyed.” He said he hoped do- 
nor countries “will sense these 
problems we are facing and will 
help ns. We have no choice but 
to succeed.” 

Among the problems the new 
city council faces is an econom- 
ic recession. “We have a very 
weak government, they do not 
have control over so many 
things," said Kemal Remawi, a 
shoe merchant “We were hop- 
ing there would be some eco- 
nomic projects. The economy 
here is zero.” 


CLINTON: Waving Truce Flag 


International 

Classified 

Marketplace 

• Monday 

International Conferences and Seminars 

• Tuesday 
Education Directory 

• Wednesday 

Business Message Center 

• Thursday 

International Recruitment 
^ Friday 

Real Estate Marketplace, Holidays and Travel 

• Saturday 

Arts and Antiques 

Plus over 300 headings in International Classified 
Monday through Saturday 
For further information, contact Philip Oma in Paris: 
Tel: {33-1) 46 37 94 74 - Fax: (33-1 ) 46 37 52 12 

ifcralir^^Sribunc. 


On September 21st, the IHT win publish the first in a 
two-part series of Special Reports on 

Infrastructure 
and Development 

Among the topics to be covered are: 

■ The link between infrastructure projects and living 
standards in Asia. 

■ China’s Three Gorges dam, the woriefs largest 
hydropower project 

■ The $20 billion Hong Kong airport 

■ Power plants, road buWrng and other 
projects in Indonesia. 

An extra 1.000 copies of the supplement 
wS be dstributed in Jakarta on October I7lh 

at the Worid Infrastructure Forum - Asia 1994. 
to which the IHT has been appointed 
the Official PubBcaSon. 

For further information, please contact BSMahder in Paris 
at <33-1)463793 78. lax: (33-1) 46375044. 

IV lYTFRMTHmL *. 4 

iicralo^^^enbunc 


Continued from Page 1 

waffier is to hew to some fixed 
principle, such as the assault 
weapons ban. 

That argument may be a bit 
d ising e n uous. While Mr. Clin- 
ton drew the line on keeping an 
assault weapons ban in the 
crime biXL what he is hanging 
onto in health care is nothing 
that will bring about universal 
ragg, merely his determina- 
tion to get it. 

And with Democrats bracing 
for heavy losses in the midterm 
elections, even Mr. Clinton’s 
chief of staff, Leon E. Panetta, 
said last week that he recog- 
nized the difficulty of going any 
further next year, given “the 
mare conservative edge” ex- 
pected in the Congress that re- 
turns to Washington in Janu- 
ary. 

Mr. Panetta cited that loom- 
ing change as a reason Demo- 
crats must now begin to work 
hand-in-hand with moderate 
Republicans to seek common 
ground on health care, as they 
did on crime. 

But it is also clear that the 


show of compromise is part of a 

tra^^m^^^ontined to 
get things done, even if that 
requires being flexible, while 
casting Republican leaders as 
determined to block action at 
all costs. 

That approach meshes with 
the kind erf changes Mr. Panetta 
bee n pushing* 

He has tried to get the presi- 
dent to appear less dogmatic 
and quicker to own up to mis- 
takes. And he Iras stressed that 
Mr. Clinton’s overall m andate 
from the 1992 campaign was to 
fight for change in the broadest 
sense, not to win any particular 
point by any particular time. 

Basque Policemen Burned . 

totfm 

SAN SEBASTIAN. Spun — 
Two Basque policemen were 
burned when a firebomb was 
hurled into their car as protests 
against the extradition from 
Uruguay of three alleged 
Basque separatists continued, 
the police said Sunday. 


EAST: 

Recalling Good 

Continued from Page 1 
Bedin mechanic, Harald ErpeL, 
has sgtfit a Trabi and wdded an 
American-made limousine into 
the middle. He rents his coach, 
complete with chauffeur, televi- 
sion and minibar, for parties 
and weddings. 

“Business is booming,” he 
said. “The Trabi is beloved like 
never before.” 

Nostalgia for East Germany 
has a serious side, reflected 
most cJeariy in the revival of the 
Communist Party. Party lead- 
ers have found that campaigns 
stressing the positive aspects of 
East Goman life and faulting 
westerners for arrogantly refus- 
ing to acknowledge them pay 
off handsomely at the polls. 

Eastern politicians from oth- 
er parties also seek to encourage 
a sense of indigenous self-confi- 
dence. One of the legion’s most 
popular figures, Regine Hflde- 
Drandt, who is responsible for 
social policy in Brandenburg, 
fikes to. tell audiences, “We’re 
someone again." 


CHINA: j 

Dissident Freed I 

Continued from Page 1 ! 

ing privileges three months ago. I 
he said be was convinced the* 
Chinese would act to improve | 
human rights if the issue were f 
separated from the threat _of J . 
sanctions. ■ -.••••{. 

However, human rights ao-J ; 
tivists have said that since then, , 
Beijing has ceased all progress J 
an human rights issues, includ- , . . - 
ing the release of political pris- i , 
oners, an accounting of politi- {#) 
cal prisoners, the treatment of £ 
prisoners and the opening of f 
prisons to inspections by the 1 
Red Cross. . < 

, The activists point in particu- , 
br to the dosed trial in Beijing 1 
of more than a dozen people [ 
who were active in the 1989. 
democracy movement and thej 
continued detention of Wei Jin- . 
sheng, a leading dissident who 1 
was arrested on the eve of a visit [ 
to China by Secretary of State '• ■ 
Warren M. Christopher last j 
March. More than a dozen oth- 
er dissidents were also detained < 
by authorities before and du?-.' . 
ing Mr. Christopher's visit. . 

Last week, the wife of a polit- ! 
ical prisoner who opposed Chi- < 
na’s bid for the Summer Olyzn- ! 
pic Games in the year 2000 raid ■ 
her husband, Qra Yongmin, ' 
had been badly beaten while in , - 
a labor camp in June and July. • 
And on Thursday, before bis, 1 
detention, Mr. Wang com- ■ . - 
plained that more than a dozen ' 
police had been stationed out- ! 
tide his home and had followed ■ 
him wherever be went 

“They don't aHow me; a dti-; 
zen, to live the life of a normal ! 
person in China,” Mr. Wang ' . - 
said. “And this is simply- be-)-' 
cause I represent a dnfereni- 
point of view.” _ • 

Mr. Wang had been a leader- 
of the democracy demonstra- ; r 
tions that were crushed by the . 
Chinese Army in 1989. He was j 
arrested that year and -seh-i 
tenced to four years in prison.. 1 
He was paroled in February!' 
1993, six months before his sea- • 
tenoe was to end, and since then! 
has pursued business opportit-' 

nities. - j 

Mr. Brown and the business « 
executives he is traveling with 1 
have been urged by human ! 
lights -activists to press China < 
an rights issues, but they, have-! 
played down that aspect of their \ 
trip. Mr. Brown haa earlier said ! 

’ he would mention human rights 1 
issues at 4 ‘the appropriate- ■ 
time.” 

(AP, WP, Reuters) j 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 199+ 


Japanese Leader Honors Singapore’s War Victims 


Cm Vtod lr Our Staff From Ihtpaieha 

— In the lat- 
»*■ wd to repair his country's 
ungenng image from World 
7f f *L Prime Minister Tomii- 
cto Murayama on Sunday be- 
ca ®e the first Japanese leader 
to honor Singaporeans killed 
dunng the Japanese occupa- 
tion. 

Mr. Murayama. 70. on the 
first day of a two-day visit laid 
a wreath at the Memorial to the 
Civilian Victims of the Japa- 
nese Occupation. He bowed 


and observed a minute's silence. 

■This is the first time any 
visiting Japanese prime minis- 
ter has done this." said Singa- 
pore's foreign minister. Shun- 
mugam Jayakumar. who 
attended the ceremony along 
with Trade and Industry Minis- 
ter Yeo Cheow Tong. 

The visit is the last leg of Mr. 
Murayama's four-naiion 
Southeast Asian tour, which 
earlier took him to Lhe Philip- 
pines. Vietnam and Malaysia, 
where Tokyo's actions in the 


Pacific war were a recurring 
theme. 


In Kuala Lumpur on Satur- 
day. Prime Minister Mahathir 
bin Mohamad stunned Mr. 
Murayama by declaring that 
Tokyo should' stop apologizing 
for World War II and start be- 
ing a world leader in keeping 
the peace. 


"I don’t understand why Ja- 
pan continues to apologize for 
things that happened SO years 
ago," Mr. Mahathir told* Mr. 


Murayama, according to Japa- 
nese officials. 

Mr. Mahathir rejected calls 
by many .Asians for compensa- 
tion from Japan for events that 
occurred during the war. 

“If you stan seeking compen- 
sation for things that happened 
50 years ago. then what about 
100 years ago or 200 years 
ago?” Mr. Mahathir said. “It 
could turn into demands for 
compensations from colonial 
powers." 

Mr. Murayama had no re- 


sponse. Japanese officials said 
he simply let Mr. Mahathir 
move on to his next subject. 

The Malaysian leader also 
told Mr. Murayama that "as a 
major player in the internation- 
al arena, Japan must be pre- 
pared for peacekeeping duties 
directly." 

Mr. Murayama responded 
only indirectly with a promise 
that Japan intended to carry 
out "international contribu- 
tions.” 

(AFP, AP) 


North Korea, Endangering Nuclear Pact, Snubs Seoul Offer 


The AiXuaateJ Pros 

■ SEOUL — North Korea has rejected a South Kore- 
an offer of a bill ion -dollar modern nuclear reactor, 
endangering a deal to resolve suspicions over the 
Communist government's nuclear program. Seoul offi- 
cials said Sunday. 

The provision of light- water reactors is a key part of 
a package deal struck between the United Slates and 
North Korea to clear suspicions the North is develop- 
ing nucicar weapons. 

In radio reports monitored in Seoul and Tokyo on 
Saturday, the North indicated that its rejection of the 
Scu:hern offer is political rather than economic, offi- 
cials said. 

“The issue of the provision of the ligbL-water reac- 


tor," the North's official radio said in a report moni- 
tored here, “is a matter that must be settled between 
the DPRK and the United States, which does not 
allow the South Korean authorities to obtrusively 
interfere." 

North Korea said that it had discussed light-water 
reactors in detail with the United Suites in Geneva 
earlier this month but that “no heed was paid to the 
South Korean reactor." 

The Geneva deal calls for the United States to give 
the North modem reactors and some form of recogni- 
tion in exchange for Pyongyang's promise to freeze its 
nuclear program, suspected of being used to make 
bombs. 

The Western-developed light-water reactors would 


replace the North's old-fashioned graphite-moderated 
reactors that.produce more of the atomic-bomb ingre- 
dient plutonium. 


■ Ouster Report Belied 

The North Korean prime minister, 
appeared in public over the weekend, belying an 
earlier speculation that he might have been ousted 
after the reported defection of ms son-in-law, Agence 
France- Presse reported from Tokyo, quoting a radio 
report on Sunday. 

A South Korean newspaper reported last week that 
Mr. Kang lost his position in mid-August because of 
his son-in-law, Kang Myong Do. defected to Sooth 
Korea in May. 


Avoid Cairo, MiMtanti 

Target: For eigner s at Population Conference 


k 


By John Lancaster 

Washington Past Service 

CAIRO — . Islamic mili- 
tants have threatened to at-" 
tack foreigners who attend a 
United Nations conference 
on population that opens 
here SepL 5. raising fears that 
Egypt may be iti for a new 
round of extremist violence 
after several months of rela- 
tive calm. . 

The warning Saturday 
came a- day after - gunmen 
opened fire on a tour bus in 
southern Egypt, killing a 14- 
year-old Spanish boy in the 
first lethal attack on tourists 
since March- 

Two police officers also 
died in separate clashes with 
brilliants Friday and Satur- 
day. • 

The 1 statement from the 
fundamentalists was the first 
explicit, threat of violence 
against foreigners planning to 
attend the conference, which 
has been widely criticized by 
Islamic organizations as a 


- plot by the West to impose its 

. -ideas of birth control and mo- 
rality on the socially conser- 

vafive lslamic woiitt ' 

" "Islamic militants have 
waged a two-year campaign 
"against the government of 
President Hosni Mubarak 
that has claimed more than 
400 Jives, most of them-po- 
Kram«i and -militants killed 
in rfaahfts in several provinces 
of -southern Egypt. 

Thfr militants have also 
lolled several foreigners in a 
successful effort to damage 
• the tourist industry, which .is 
one of Egypt’s economic' 
mainstays. 

The latest warning came in 
the form of a statement faxed 
to Western news agencies by: 
the Islamic Group, the main 
Islamic organization fighting 
the Egyptian ■ government ■ . . 

- “The group, as it starts a 
new round of ■ operations, 
urges' all foreigners not to 
come to Egypt during the 
nmning period for the sake of 


their lives,” Reuters queued- 
the statement as saying. - . 

- It “advised” foreigners tak-- 
ing part hr the conference 
that “they are- putting them- 
selves in harm’s wayt / • 

The government has. 
extraordinary , 

suras to. protect Jhc 20*000; 
foreigners expected to attend* 


• A "senior Egyptian govern- 1 
meat official called tbe.mfli 1 • 
rants’ latest threat “ah 

utter desperation on Their-' 
-part.’' 


Prime Minister Khahda 
23a of Bangladesh and two of 
her ministers have canceled^ - 
visit to Cairo to attend ^the 
population conference,' Ren- 
ters reported Sunday fiora ; 
Dhaka, quoting government 
officials. - 
They said Begum Zia 
would not be able. to. attend 
. because of "pressing preoect^ 
pation at home.” . 


BOOKS 


BRIDGE 


BATriElTH: A History of 
the vfagner Festival 

By r~?derfc Spoils. Illustrated 
334 page?. S35. Yale University 
Press. 


that is compelling and chilling. 

evolution 


by 

Edward Kothstein 


Y rvi.' seem to sit with the 
dead in the gloom of a 
tomb, wis Mark Twain's reac- 
tion. But Bruckner, Grieg, 
Tccaikcvsky. Saint-Sa&ns and 
Lisz: z'l made pilgrimages. Eu- 
ropean royalty paid homage. 
Arirtf gave up large fees; con- 
ductor? worked without being 
ider.*i r ied, all in service to an 
extraordinary, megalomaniacs! 
enterprise: ah opera house de- 
signed and built by Richard 
Warner specifically for perfor- 
mances of his epic work. “The 
Rung of ihe Nibelung.” 

flow, Frederic Spoils, an as- 
sociats of the Center for Euro- 
pean- Studies at Harvard Uni- 
versity and a Joyal attendee at 
the festival since 1955. has writ- 
ten a readable, authoritative ac- 
couni of the Wagner festival 


□pelling a 
sketching the cult': 
and surveying its achievements. 

The achievements are consid- 
erable. The Festspielhaus, from 
the day of its opening in 1876. 
defined the character of the 
modem operatic theater. The 
focus of attention is the stage. 
The seating is steeply raked. 
The orchestra and conductor 
are hidden, their pit extending 
under the stage floor. The in- 
strumental sound fills the space 
as if it were being produced by 
the drama itself. 


WHAT THEY'RE READING 


• Group' Captain Mike 
Feenan, head of the Royal .Air 
Force in Berlin, is reading "The 
Downing Street Years " by Mar- 
garet Thatcher. 

“I believe that no one interest- 
ed in the bistory of Britain in 
recent times can afford to ignore 
this book. It gives a powerful 
insight into the thinking of one 
of the most influential people of 
our age; love her or hate her. it is 
compulsive reading.” 

(Michael KaUenbach, IHT) 



Many of the players can't 
and the con- 


bear the singers, 
ductor. Spoils notes, has an aw- 
ful time coordinating the per- 
formance. But these flaws mean 
that an intimate knowledge of 
the score is required, which was 
fine with the composer. 

After his death in 1883. Wag- 
ner’s instructions became sacra- 
ment. His widow, Cosiroa, 
eventually turned the festival 
into an embalmed tribute to the 
composer. Her son. Siegfried, 
tentatively tested the waters of 
modem dramaturgy but kept 
the orthodoxy. Winifred, his 
wife, added Hitler to the pan- 


theon, even consulting him on 
casting, directing and design. 

As Spotts shows, this court- 
ship of fascist politics was pan 
of a long tradition. From its 
founding, the Bayreuth festival 
had been central for German 
nationalist movements, who 
found their views echoed in 
Wagner's writings and latent in 
the operas. 

This found resonance in the 
family itself. Wagner's daughter 
Eva married Houston Stewart 
Chamberlain, whose anti-Se- 
mitic history of the West pro- 
vided inspiration to Hitler. 


Spotts gives a detailed account 
of Hitler's affection for Wini- 
fred and her children. 

Spoils has said that he omit- 
ted his most sensational discov- 
ery because it would have over- 
shadowed the book: that Hitler 
sexually abused the young Wie- 
iand Wagner, Winifred’s child 
and later the heir to the festival. 

The omission is unfortunate, 
because Spoils shows that the 
history of postwar Bayreuth is 
based' on a reaction against the 
fascislic past. Though there was 
little purging of the ranks, Wie- 
Iand Wagner revolutionized the 


stagings, making them abstract 
rather than Romantic and na- 
tionalistic. 

Upon Wieland’s death in 
1966, his brother Wolfgang, the 
current head of lhe festival, 
went even further. He deliber- 
ately sought iconoclastic ap- 
proaches epitomized by the 
1976 production of the “Ring,” 
directed by Patrice Ch&reau. 
This has, in turn, enshrined a 
new ideology at Bayreuth, in 
which Wagner can seem, in 
Spotts's words, “the spiritual 
founder of the Greens,” the 
prophet of Germany’s leftist 
environmentalists. This has led 
to a new set of interpretive 
manner is ms . 


ues to accuse his aster, who was 


ardently anti-Nazi, of disloyal- 
ty to Germans 


iy during the war. 
Spotts’s accounts of these 
battles seem as definitive as we 


are likely to get right now. One 
■ f CM 


wishes for supplements: an ac- 
count of the evolution of per- 
formance style to match his ac- 
count of stagings, an analysis of 
the operas and their connection 
to Bayreuth ideology: But 
Spotts's history is, at least in 
English, a pioneering one: 


Edward Rothslein is on the 
staff of The New. York Times. 


Meanwhile the Wagner fam- 
ily continues in the old mode 
with exco mmuni cations, loyal- 
ty tests and mythic rivalries. 
Nike Wagner. Wieland's 
daughter, calls the Wagners “an 
Atreus dan,” a “many-headed, 
thousand-footed monster that 
ponderously rolls through the 
corridor of generations.” The 
current patriarch, Wolfgang, in 
his new autobiography, attacks 
every member of his family in- 
cluding his children and contin- 


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INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


Page 7 



. tow SdmlivRentm 

Jacques Chirac, left, and Edouard Baflador during ceremonies commemorating 50th anniversary of the liberation. 


i 


Paris Liberation a Kickoff for Elections 


By Alan Riding Hardly political fireworks, it might be 

New York Timet Service ■ said. But m the strange political dance 

PARIS — The 50th anniversary of the taking place on the French right, the 
liberation of Paris last week was meant, exchange was considered significant. It 
to be an occasion for looking back. In- signaled that Mr. Balladur planned to 
stead, abruptly ending the political dot- challenge his own party’s leader, the very 
drums of France’s annual summer break, man . -who nominated him to be prime 
it has marked the start of the campaign minister last year, 
for presidential elections next spring. .With speculation mounting that the 
- That no one has actually declared his two men may both be candidates in the 
candidacy to succeed President Francois first round of voting, Foreign Minister 
Mitterrand appears to have no relevance. Alain Juppfe, who is secretary-general of 
Between now and the first round of vot- the Gaullist Rally for the Republic, tried 
ing next April, every political speech, to restore carder. The party, he said, 
every decision, every maneuver wiQ be would pick between Mr. Chirac and Mr. 
viewed through the prism of the presi- B alladur . 

dential race. . Over the weekend, the spotlight 

And so it was last week, when two turned to Jacques Delors, whom the op- 
Bkdy rightist contenders — the Gaullist position Socialists would like to nomi- 
mayor of Paris, Jacques Chirac, and the nate after he retires as head of the Euro- 
Gauffist prime minist er, Edouard Balia- pean Union's executive commission at 
dur — used the celebrations as a stage for the end of this year. Though he has been 
discreetly scoring pants against each quietly building up support, it is not 
Other. clear that he wants to be president 

Predictably, both evoked General On Friday. Mr. Delors had lunch with 
Charles de Ganlle. Recalling that the Mr. Balladur, to discuss, he said, “Eu- 
gcneral had “a sort of social contract” rope and only Europe.” When asked if it 
with the French people, Mr. Chirac said was a meeting between two candidates 
it was time for a new one to deal with for Elysee Palace, he replied, “Can you 
chronic unemployment Mr. Balladur re- read the stars?” Over the weekend, he 

torted that General de Ganlle personi- attended a gathering of supporters, but 
fied national unity, which should again still kepi people guessing, 
be preserved at all cost If he does so for too long, though, the 


Socialists may grow impatient Having 
been, bundled out of office in parliamen- 
tary elections last year and humbled in 
European elections this year, they can ill 
afford to keep drifting without a leader 
capable of reviving fortunes. 

For the moment, the only thing work- 
ing in their favor is the possibility of 
disarray on the right Former President 
Valfeiy Giscard d Estaing and former 
Prime Minister Raymond Barre may also 
join the presidential race. The hard-line 
interior minister, Charles Pasqua, who is 
enjoying a surge of popularity, is also 
keeping his options open. 

Mr. Pasqua warns that if the conserva- 
tive vote is splintered in the first round of 
the elections, the Socialists could still 
win the runoff vote next May despite 
their current low standing in the polls. 
He has proposed holding a primary elec- 
tion to pick a single rightist standard- 
bearer, but so far his idea has garnered 
little support. 

Rather, all of France is awaiting the 
outcome of what seems to be the inevita- 
ble confrontation between Mr. Chirac, a 
former prime minister who has been 
p lanning a new bid for the presidency 
since he was defeated by Mr. Mitterrand 
in 1988, and Mr. Balladur, who only 
began eyeing Elysee Palace after he be- 
came prune minister in March last year. 


Bid to Curb Nuclear Si 




By R. Jeffrey Smith 

Washington Post Sumer 

WASHINGTON — A two- 
year U.S. effort to help Russia 
keep its nuclear materials from 
falling into terrorist hands has 
largely failed to eel off the 
ground because of D.S. friction 
with top Russian nuclear ex- 
perts, low funding and inatten- 
tion at the top levels of the 
Clinton administration, accord- 
ing to U.S. officials familiar 
with the program. 

These political and financial 

S roblems hinder the ability of 
.ussia and the United States 
and its European allies to pre- 
vent further smuggling into 
Western Europe of bomb-grade 
materials from Russia, the offi- 
cials said. 

In recent interviews, the offi- 
cials said that while none of the 
batches confiscated in the last 
four months had more than 10 
percent of the fissile material 
needed to build a terrorist 
bomb, nuclear smuggling was 
likely to persist and could even- 
tually pose a threat to U.S. or 
allied security. 

The officials said Russia 
lacked vital experience and 
know-how in keeping close 
track of its estimated 1,000 tons 
of bomb-grade uranium and 
170 tons of plutonium, making 
it incapable of providing reli- 
able assurances that none of its 
materials was missing. 

But they said the Russian 
Ministry of Atomic Energy, the 
country's principal nuclear cus- 
todian, has repeatedly rebuffed 
offers of assistance out of pride 
and anxiety that any coopera- 
tion with Washington could 
compromise its secrets or be at- 
tacked by Russian nationalists. 

Without intercession by Pres- 
ident Bill Clinton and other 
U.S. officials at the highest lev- 
els in Moscow, ihe officials 
said, ministry officials will con- 
tinue to rebuff months-old' U.S. 
offers to help detect and repair 
security defects at military-re- 
lated nuclear facilities or aid 
Moscow in developing a better 
export control system. 

They said the topic should be 
a top priority for next month's 
summit meeting between Mr. 
Clinton and President Boris N. 
Yeltsin of Russia. White House 
sources said Mr. Clinton is like- 
ly to raise the issue, but has not 
decided whether to emphasize 
it. 

U.S. policy also has short- 
comings, said the officials, who 
spoke on condition they not be 
named. Although the White 
House said last year that ensur- 
ing secure storage of former So- 
viet nuclear materials was a key 


priority, the administration 
lacks a detailed, government- 
wide strategy for halting nucle- 
ar smuggling. 

It has no mechanisms for 
rapidly sharing intelligence on 
nuclear smuggling with Russia 
and other former "Soviet repub- 
lics, unlike Germany, which re- 
cently concluded such an agree- 
ment with Moscow. The lack of 
such an accord, officials said, 
helps explain widespread grum- 
bling within the government 
that the CIA knew little more 
about the recent smuggling in- 
cidents than what bad appeared 
in the German press. 

The officials added that a trip 
by the FBI director. Louis j. 
Freeh, to Moscow in early July 
to open an “office” that could 
help probe nuclear smuggling 
and other matters had pro- 
duced only a limited accord 
that two FBI agents could be 
stationed at the U.S. Embassy. 

Due to what several of the 
officials said were misplaced 
U.S. priorities, only $58 million 
of the S988 million authorized 
by Congress to help diminish 
the nuclear threat from the for- 
mer Soviet Union has been allo- 
cated to improving export con- 
trols or nuclear materials 
accounting. 


Most of the funds have in- 
stead been allocated to support 
the dismantling and transfer to 
Russia of former Soviet nuclear 
weapons. Officials said while 
that effort helped deter outright 
weapons thefts, the threat of 
smuggled nuclear materials 
may now pose a greater danger. 

Of the $58 million, only $4.2 
million has been spent on ac- 
counting and export controls 
and only $1 million has been 
spent in Russia. 

Until the recent incidents in 
Germany, top policymakers 
had devoted little attention to 
the smuggling problem and no 
official has been designated to 
be responsible for handling the 
issue, the officials said. 

With no single interagency 
effort devoted to combating the 
problem, the Slate. Energy and 
Defense departments have for 
two years pursued separate and 
sometimes poorly coordinated 
efforts to initiate cooperation 
with the Russian bureaucracies 
involved, the officials said. 

Energy Department officials, 
for example, recently sought to 
forge direct links between U.S. 
and Russian nuclear weapons 
labs, hoping to spur new Rus- 
sian research on materials ac- 
counting and provide work for 


low-paid scientists who might 
otherwise be tempted by lucra- 
tive black market offers. 

Defense and Slate Depart- 
ment officials, however, nave 
emphasized the need for coop- 
erative arrangements with the 
Russian Ministry of Atomic 
Energy or MINATOM, the 
manager of those labs. These 
efforts have fared poorly be- 
cause of what four U.S. officials 
said was resistance by MINA- 
TOM’s powerful director, Vik- 
tor Mikhailov, to broader coop- 
eration with Washington. 

They said Mr. Mikhailov — 
who controls the payroll for an 
estimated I million employees 
clustered around at least 10 re- 
search centers closed to foreign- 
ers — has alternately rebuffed 
offers of U.S. assistance or de- 
manded more money than 
Washington was prepared to 
provide for such efforts. 

The U.S. Embassy in Mos- 
cow has reported in confiden- 
tial cables, for example, that 
Mr. Mikhailov and his aides 
have sought to exclude Western 
experts on fissile materials ac- 
counting and security from key 
nuclear facilities because they 
fear political reprisals from na- 
tionalists who may eventually 
take power. 


PLUTONIUM: Germans Exaggerating ihe Threat? 


Coo tinned from Page I 
that we do a lot in the next 
webks or months.” 

The “trickle" became mani- 
fest in four German incidents in 
as many months, two of them 
considered particularly worri- 
some. On May 10, in the south- 
west German town of Ten gen. 
policemen arrested a suspected 
counterfeiter named Adolf JS- 
kle. In his garage, they found 
2.4 ounces of radioactive pow- 
der that included one-fifth of an 
ounce of 99.75 percent-pure 
plutonium-239 — ihe same iso- 
tope, although with a higher pu- 
rity, as that used in hydrogen 
bombs. 

The other especially alarming 
jncidenL came Aug. 10, when a 
Colombian and two Spaniards 
were arrested at the Munich air- 
port after a flight from Mos- 
cow. La a suitcase, investigators 
found 20 ounces of radioactive 
material, much of it composed 
of 87.2 percent-pure plutoni- 
ura-239, again the same telltale 
isotope but this time at lower 
purity than is commonly used 
in bombs. 

Yet the Tengen and Munich 
seizures were only the mast re- 
cent and most sinister of hun- 


dreds of nuclear smuggling 
cases in the last few years. In 
1990, according to federal po- 
lice statistics, German authori- 
ties investigated four cases of 
suspected nuclear contraband. 

The numbers climbed to 41 
in 1991, 158 in 1992 and 241 
last year. Through the first six 
months of this year. 90 cases 
had been investigated. 

The majority have been am- 
ple frauds, hucksters seeking 
gullible buyers for the nuclear 
equivalent of the Brooklyn 
Bridge. 

Last year. 21 cases involved 
seizure of radioactive material 
but typically the stuff was 
something to make a Geiger 
counter click. 

The most recently disclosed 
case in Germany — one that 
fanned the hysteria — occurred 
Aug. IZ when a 34-year-old 
man in Bremen tried to peddle a 
minuscule and militarily worth- 
less sliver of plutonium believed 
to have been extracted from a 
Soviet-era smoke detector. 

Speculation about prospec- 
tive buyers has fed in recent 
weeks to assertions — none 
proved — of involvement by 
the North Koreans, the Paki- 


stanis, Basque separatists. Sad- 
dam Hussein and sundry oth- 
ers. 

Bemd Schmidbauer, Chan- 
cellor Helmut Kohl's intelli- 
gence coordinator and a man 
whose passion for intrigue is 
suggested by the nickname 
“Agent 008,” told the parlia- 
ment last Thursday that “it is 
not absurd to believe that buy- 
ers may be acting on behalf of 
governments.” 

Mr. Schmidbauer provided 
□o details, nor did be elaborate 
on his assertion that former 
EasL German Stasi secret police 
officials may be involved in the 
trade. 

Some officials fear the spiral- 
ing number of cases in Germa- 
ny has as much to do with clan- 
destine police offers of huge 
bounties for fissile material as it 
does with poor security at for- 
mer Soviet stockpiles. 

“There’s no evidence of a real 
market for plutonium in Ger- 
many," Hans Georg von Bock 
urtd Polach, the Bremen prose- 
cutor, said recently. “There's a 
hazard that our interest in pur- 
suing criminals is bringing dan- 
ger to Germany. As law enforc- 
ers, we simply can't do that.” 


r 


November 1994 






MARK YOUR DIARY! 

As prospects for economic recovery brighten in the U.S. and Europe, 
investment activity in the public and private sectors is beginning to revive. 
The program for this timely conference will focus on three key sectors - 
telecommunications, transportation and energy. 

Oar illustrious group of speakers will include: 

■ Martin Range mann, Member at ihe European Commission, Commissioner 
for Industry and Telecommunication Markets 

■ Wolfgang Roth, Vice President, European Investment Bank 

■ Marianne Henderson, V. P., Chief Fmancial Officer. Bell Atlantic 

■ Gberhard von Koerber, President, Asea Brown Boveri Europe Ud. SA. 

■ Henning Christophersen, V. R, European Commission 

■ Graham Corbett, Chief Financial Officer, Eurotunnel 

■ Claude Daimon, Managing Director. Transport Division, GEC-Alsthom 

■ Larry Irving, Assistant Secretary for Communications & Information, 

U.S. Department of Commerce 

■ Hueny Bandon, Deputy Vice-President, European Bank for Reconstruction 

and Development _ . . 

■ Greg C. Simon, Domestic Policy Advisor u> AJ Gore. Vice President of the UKA. 

m Gfinter Sexrodt, Minister of the Economy, Germany 

■ Marion Price, Head. Project Finance, Sumitomo Bank Lid. 

■ Alain Cazale, Director, Project Finance, Credit Lyonnais Group 

■ Bernard Sorel, Managing Director, Bombardier Eurorail 

> William Ginsberg. President and CEO, Cellular Communications International. Inc.. 
Nuw York 

. Hagen Hultzsch, Management Boon*. Technology and Services, DBP Telekom. Bonn 
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Worfef Index 



International Herald Tribune, Monday , August 29, 1994 


>f 1?,!°* v' "T 




CAPITAL MARKETS 

Unfazed Japan Borrowers 
Turn to the Dollar Market 

By Carl Gewirtz 

■' Tnunutkmal Herald Tribute •• 

P ARIS — With Japanlnc. awash in cash from the still-huge 
trade surplus lhal investors are unwitting to place abroad 
fearing that the yen will appreciate, it ^surprising to see 
Japanese borrowers turning to the doUar-bond market to 
raise funds.. 

But Japan Highway Public Corp. tapped the inarket for $500 
nriHioa last week and reports from Tokyo have other state-guaran- 
teed issuers, such as Japan Development Bank, the Export-Import 

Bank and the city of Tokyo, lin- ■ 1 ■ 

Swaps mean the 

With the Bank of Japan re- 
ported to be spending $2 hflKon g tjfl makff 

a week to prevent the yen from • •: - 

strengthening, it would hardly sense IOF Yen-based 
seem desirable for domestic.^ . 
suers to raise dollars abroad to iSSttters. 

bring home. However, the im- ; — 

pact pa the exchange rate is neutralized as the issuers swap the 
proheeds into fixed-rate yea obligations. 

Taking into account tire fees paid to undermiters and the 7.625 
percent coupon on Japan Highway’s 10-year paper, winch was priced 
at a modest discount to face value, the cost to the issuer was 3 
percentage points more than, the! 4.75 percent it would have expected 
to pay if the money had been raised in the Japanese market But 
thanks to the swap, according to executives of Long-Term Credit 
Bank of Japan, the lead manager. Japan Highway's total cost was 
“sEgbtly below” whatthe borrower would have had to pay at home. 

; Although Bank- of Tokyo had earlier been rumored to have the 
mandate to manage the issue, Long-Term Credit Bank refuted 
suggestions it won the deal by subsidizing the swap rate. However, 
foreign bankers in Tokyo asserted that the only way to achieve the 
bonoweris targeted cost of funds was for the lead manager to have 
subsidized the swap —a strategy banks of all nationalities use when 
they want to boost their business or woo a client. 

*Td estimate the cost of the subsidy at the equivalent of $73 
millio n,” said a U_s. banker. He also scoffed at the official line that 
the borrowers come to the market to keep open their diversified 
source of funding. 

Meanwhile, the Japanese banks are reported to be preparing a 
flood of 200 bilKon worth of Euro-yen subordinated bonds — 
aimed at bolstering their cqtilaL 
Overall, traders report good demand for dollar paper. Investors 
appear comfortable with the view that rising short-term interest 
rates are good for the dottar-bond market because they calm fears 
about future inflation. . . 

But whether there is still demand for exotic names will be tested 
when Lebanon makes its debut underfire aegis of Merrill Lynch & 
Co. The government is aiming to raise at least $150 million with a 

. See BONDS, Page IX 


Bankers 
Focus on 
Inflation 

Fed, Bundesbank 
Keep Eye on Jobs 
But Key Is Prices 

Compiled by Ow Staff From Dispatches 

JACKSON HOLE. Wyo- 
ming — U.S. and German cen- 
tral bankers indicated over the 
weekend that they were con- 
cerned by unemployment, but 
they were unwilling to consider 
an inflationary interest-rate 
policy as a cure. 

“Monetary policy cannot be 
expected to make an active and 
direct contribution to a lasting 
reduction in unemployment,” 
Hans Ttetmeyer, the Bundes- 
bank president, said at an inter- 
national meeting here spon- 
sored by the Kansas City 
Federal Reserve BaoL 

“Ultimately, jobs can only be 
created by a healthy economy, 
and no economy can be healthy 
if inflation soars out of con- 
trol,” he said. 

U.S. officials, however, noted 
that although their economy 
was expanding, there was a wid- 
ening disparity between those 
with high-paying jobs and those 
at the bottom of the wage scale. 

“If something isn't done, it 
will only get worse," said Law- 
rence Katz, die chief economist 
of the U.S. Labor Department. 

But Alan Blinder, vice chair- 
man of the Federal Reserve 
Board, said the United Stales 
was near full employment and 
that the threat , of inflation 
would become greater if unem- 
ployment fell much lower. 

Full or natural employment 
is the threshold beyond which 
price pressures begin to show as 
confident consumers head to 
the shopping mails and car 
dealers, while companies try to 
catch up from harder times by 
raising their charges. 

Mr. Blinder said the role of 
monetary policy was to “guide 
the employment rate up to its 
natural rate but not higher.” 

“By that criteria, the United 
States is extremely close." he 
added.. 

"The* Fed has raised interest 
rales five times since February. 
This month, in its most recent 
move, it signaled that it was sat- 
isfied for the present that it had 
done all it could to counter infla- 
tion. 

The central bank has been 
under frequent criticism in 
Congress and elsewhere for giv- 
ing only lip service to fire prob- 
lems of joblessness. 

On Friday, Federal Reserve 
Board Chairman Alan Green- 
span cautioned against extensive 
efforts to reduce levels further by 
risky spending or other stimula- 
tive measures. (Bloomberg. 

Knigfu-Ridder, Reuters) 


Coping With Strong Yen 

Profit Reports Show Winners and Losers 


By Steven Brull 

International Herald Tribune 

TOKYO — Many of Japan's biggest com- 
panies have begun to make more money again 
after years of de clinin g profits and red ink, 
evidence of their uncanny ability to cope with 
a strong yen, which just a year ago appeared 
ready to strangle the Japanese economy. 

But a close look at the corporate results 
issued last week shows that while some com- 
panies are beating back the yen with smart 
management and superior technology, the 
improvement at others is illusory, more the 
result of financial might than enhanced com- 
petitiveness. Many companies remain in dire 
straits, unable to compete with the yen having 
become as valuable as a U.S. penny, an in- 
crease or more than 1 1 percent this year. 

Moreover, the restructuring that is necessary 
to make Japanese industry leaner and meaner 
has so far been more a collection of temporary 
moves than a far-reaching revision. 

It is an approach that has been echoed by 
the government, which appears to be moving 
backward in its proclaimed effort to deregu- 
late the economy to spur fresh growth and 
relieve pressure on the yen. 

“To Took at these results and say everything 
is over is very misleading," said Richard Koo. 
a senior economist at the Nomura Research 
Institute. “Structural problems haven't been 
going away; they’re getting more serious ev- 
ery day.” 

Still, the results issued last week are impres- 
sive. Matsushita Electric Industrial Co., the 
world’s biggest consumer electronics compa- 
ny, which is known for the Panasonic and 
Technics brands, registered a 12 percent in- 
crease in consolidated current profit, which 
rose to 37.6 billion yen ($376 million) for the 


three months ending June 30. The Japanese 
current profit measure is a pretax measure 
s imilar to operating profit in other countries, 
and it includes &*»ns and losses made on 
securities investments, as well as results from 
other nonoperating activities. 

During the June 30 quarter, Honda Motor 
Co. enjoyed a 1 103 percent spurt in consoli- 
dated current profit, to 3235 billion yen. 
Despite a sales increase of only 3.8 percent, 
Canon Inc. saw its current profit soar 84 
percent to 283 billion yen during the half- 
year period ending June 30. 

Overall. Japan's 200 top companies expect 
an average 1 percent increase in current profit 
in the year through next March, compared 
with a 20.6 percent slide the year before, 
according to a compilation that excluded 
banks, brokerages and insurers, the financial 
daily Nikkei Shimbun reported over the 
weekend. For manufacturers, the increase 
should be a healthy 12.1 percent, but for 
others, current profit is forecast to dip anoth- 
er 93 percent 

But even at Toyota Motor Co., the nation’s 
mightiest manufacturer, the outlook is not as 
bright as the numbers hint Japan’s biggest 
car company said last week that current profit 
had crashed 25.3 percent the fourth straight 
decline, but the sum still came to a not-so- 
shabby total of 214.03 billion yen ($2.14 bil- 
lion). Better yet, the company expects cost- 
cutting and improved demand for vehicles at 
home and abroad to contribute to a rebound 
this year of 26.2 percent to 270 billion yen. 

Yet about two-thirds of Toyota's current 
profit last year came not from selling vehicles 
but from managing its hordes of cash, valued 

See YEN, Page 11 


Diller Opposes Superhighway Fights 


Cenqnled by Qtr Stuff From Dispatches 

EDINBURGH — Compa- 
nies elbowing to catch the next 
wave of the media revolution 
are expending too much effort 
battling one another, Barry 
Diller, the chairman of QVC 
Inc., has declared. 

Attempts by telephone, ca- 
ble, broadcast publishing and 
software companies to domi- 
nate the emerging multimedia 
marked have been misguided, 
he said Saturday at a television 
industry conference. “It’s to- 
day’s form of media imperial- 
ism, each medium trying to col- 
onize the Other:”' 

The key to success on the 
information superhighway, in- 
stead, lies in following intuition 
rather than following the rest of 
the industry, he added. 

Muitimittion-doliar experi- 
ments are under way without 
any understanding of what con- 
vergence is really about Mr. 
Diller said. 

“Telecom companies, broad- 
casters, book publishers, silicon 
drippers and software compa- 
nies fear that if they don't rush 
belter skelter into each other's 
businesses, the gre3l dance of 
the next century wiD pass them 
by," he said. 

“So we’ve all these organiza- 


tions doing truly stupid things 
in anticipation of enormous 
markets that don't currently ex- 
ist" 

But those looking to Mr. 
Diller’s own next move for 
pointers to the way ahead heard 
few clues. 

After failing to buy Para- 
mount Communications Inc. or 
merge with CBS Inc., the com- 
pany he heads. QVC Inc., is 
under siege from two of its own 
big shareholders. Mr. Diller 
said he would stay at QVC until 
at least December if its impend- 
ing sale to Comcast Corp. and 
the Tele-Communications sub- 
sidiary Liberty Media Corp. 
went through. 

“What’s next for me is going 
to take a long time to think 
through.” he said, adding that 
he did not want to be “obvi- 
ous.” 

Mr. Diller. the Former head 
of Rupert Murdoch’s Fox tele- 
vision network in the United 
Slates, will realize a profit of 
around $93 million on his in- 
vestment of $25 million in 
QVC. 

Asked if he would try to buy 
another network, he said: “The 
only reason I might not is be- 
cause it’s so expected.” 

His prescription for the in- 


Page 9 


ITT, Cablevision 
Seen Winning 
N.Y.’s ’Garden’ 


dustry was to let the creative, 
programming side have its head 
andbecome “convergence con- 
trarian.” rather than trying to 
apply lessons learned in the old 
media to the new world. 

“It means having the pa- 
tience to relax and follow your 
curiosity instead of hyperventi- 
lating and chasing the crowd," 
he said. 

He cited QVC's “smart- 
agent” technology, now under 
development, as an example of 
convergence that had worked 
OUL 

The technology puts together 
highly detailed profiles of indi- 
vidual consumers, matches 
them with the vast database 
now available throughout the 
world, and provides in a milli- 
second the goods, services and 
information that the consumers 
want. 

(Reuters. Bloomberg ) 

m A Coop (or Fox 

Fox Broadcasting, continu- 
ing its efforts to strengthen its 
network of affiliates in local 
television markets, has gained 
effective control of the ABC af- 
filiate in New Orleans and NBC 
affiliates in Honolulu and Mo- 

See DILLER, Page 11 


By Murray Chass 

Afcw York Times Service 

NEW YORK — The billion- 
dollar bidding war for Madison 
Square Garden has ended with 
Cablevision Systems Inc. and 
the ITT Corp. winning the 
sports and entertainment prop- 
erties, which include the New 
York Knicks, the New York 
Rangers and the MSG Sports 
Network, executives of the rival 
bidder have disclosed. 

Viacom Inc., which owns (he 
Garden properties, including 
the arena, did not announce a 
deal, but executives of Liberty 
Media Corp., the only other 
bidder, said Saturday that they 
had been told they had lost the 
bidding contest. 

“They were trying to get back 
in it, but they weren't success- 
ful,” said a New York business 
executive who also has sports 
interests and is close to Liberty 
Media. “They said Viacom told 
them it's a done deal, it's over." 

Cablevision and ITT sched- 
uled a news conference for 9 
P.M. New York time on Sun- 
day, where they were widely ex- 
pected to announce the deal. 

The winning bid was said to 
be close to $1.1 billion. Liberty 
Media had bid $1 billion. Some 
financial analysts said the bids 
seemed astoundingly high, 
valuing the properties at no 
more than $700 million. 

The difference in the bids, 
though, was apparently not the 
decisive factor in the outcome. 

Viacom and Tele-Communi- 
cations Inc., a cable television 
giant that owns Liberty Media, 
were negotiating a much bigger 
deal involving related transac- 
tions that would have more than 
doubled the value of Liberty's 
bid for the Garden properties. 
They were also negotiating the 
settlement of an antitrust lawsuit 
that Viacom had filed against 
Tele-Communications. 

But those negotiations fell 
apart last week over major con- 
cessions sought by Viacom, one 


executive close to Liberty said. 
“They became so big they be- 
came dominant,” be said. " 

Another executive traced the 
problems to the strong-willed 
personalities of Sumner Red- 
stone, the head of Viacom, and 
John Malone, the head of Tele- 
communications. “Redstone 
and Malone had too many ar- 
guments,” he said. “They are 
two hard-willed people.” 

But one lawyer familiar with 
the bidding raised the possibili- 
ty of antitrust objections to a 
deal with Cablevision. 

“How is Dolan going to be the 
only pay -TV service controlling 
sports in a city like New York?” 
the lawyer asked, referring to 
Charles F. Dolan, the bead of 
Cablevision “I'm sure there is 
going to be some government 
fight. I don’t think New York 
City and and the Feds will sit by 
and take this lightly." 

As the head of Cablevision 
Systems Inc., the nation's 
founh-largest cable operator, 
Mr. Dolan has made sports pro- 
gramming — particularly of 
New York sports — a central 
pillar of his company’s growth 
for nearly three decades. Based 
in Woodbury. New York. Cable- 
vision has 2.5 million subscribers 
in 19 states. 

ITT, on the other hand, is a 
conglomerate that has $750 mil- 
lion to $1 billion in cash on hand 
and a staled desire to augment 
its operations in what are now 
three lines of business: insurance 
and financial services, manufac- 
turing and hotels. 

Viacom put Madison Square 
Garden, the Knicks basketball 
team, the Rangers hockey team, 
and the MSG television service 
on the block shortly after win- 
ningcontrol of Paramount Com- 
munications Inc. in a costly bid- 
ding fight against QVC Inc. The 
MSG channel has exclusive ca- 
ble rights to the two teams* 
games, as well as a contract to 
cany New York Yankees base- 
ball through the vear 2000. 


DERIVATIVES IN 
INVESTMENT 
MANAGEMENT 

Focusing on Pension Funds 

AMSTERDAM 

September 29 & 30, 1994 


North Aimrieal 


Latin America 


Bombay Notebook 


■ 145 

■ — 144 


M T W T 


F M T W T 


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titrates 13005 13026 -dlfi Baw Materials 134J57 133.32 -0-56 1 

finance »&S1 117.97 -1.15 Consumer Goods 104.48 103,40 -0.99 j 

Services 122J57 12206 +085 IfisceBaneous 133.53 132.92 +046 j 

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Finland, Francs. Germany, Hong Kong, Ksly. Mndco. Nathartand*. Naw 
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eirsamsuonai Herald TrUune 


CURRENCY RATES 


Cross Ratas 


Aug. 26 



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India Is Hungry for Top Executives 


With business confidence booming 
and a growing influx of foreign investors, 
India's top executives find themselves in 
hot demand. 

The country’s business press, which 
has expanded by several titles in the past 
two years, is bursting with job offers for 
senior executive positions at companies 
across the country. 

Those with experience in marketing 
and financial services, especially with 
international exposure, are asking for — 
and getting — salaries on par with their 
overseas peers. 

While newcomers to the Indian con- 
sumer markets have raided already-es- 
tablished foreign-local joint ventures for 
talent, many of the big Indian industrial 
groups are luring senior bureaucrats and 
man agers away from the country's large 
state sector. 

Freed from government restrictions 
on expanding into other fields of busi- 
ness. many Indian companies are 
launching efforts in entirely new areas, 
particularly in infrastructure, capital 
markets and international trade. 

“1 was able to convince our board that 
we would have to pay a salary much 
higher than any of them were getting 
now for the right person to build a busi- 
ness for us,” said one executive with an 
old-school Calcutta-based commodities 
trading firm eager to break into stock- 
broking in Bombay. 

“But we’ve been looking for months 
and can’t find the right person " said the 
executive. “Everyone else is looking too, 
including the big names from New York, 
London and Hong Kong.” 

In dians who have emigrated overseas 
for their education and then stayed on 
for work are now a target of the top 
recruiters. 

“Many of them would like to recura to 
India and give their families a taste of life 
here,” said an executive with one of the 
country’s largest companies based in 
Bombay. 


“We can offer them competitive sala- 
ries, but they are worried about things 
like schools for their kids and the over- 
seas lifestyle they have gotten used to.” 

No Dearth of Cucumber? 

While India’s economic turnaround 
owes much to wide-ranging reforms ini- 
tiated in New Delhi, much of the pro- 
gress can be attributed to a higher au- 
thority, the weather. 

In a country where most people still 
work in the agricultural sector, the mon- 
soon rains have played a major role in 
the’ government’s ability to predict a 5 
percent growth rate for the economy this 
year. 

Heavy rains have caused severe flood- 
ing in several parts of India, with large 
losses in life and property, but overall 
bumper crops of most commodities are 
expected this season after the best mon- 
soon for several years. 

But. as a current cucumber glut in 
Bombay is illustrating, food surpluses 
are testing the country's storage and dis- 
tribution systems and" a complex pricing 
structure for many commodities. 

While the truckloads of vegetables 
considered a cooling delicacy in the hot 
summer months win be welcomed by 
consumers in the cities, prices are quick- 
ly falling from the current rate of 20 to 25 
rupees (6 to 8 cents) per kod, about 20 
cucumbers. 

To make matters worse Tor growers, 
this is only the first of rwo crops expect- 
ed this year. Another variety traditional- 
ly ripens in about two to three weeks. 


Investment Is Chilled 

In a sign of India's new appeal for 
foreign investors, hotels have been jam- 
packed this summer, a season when blis- 
tering temperatures and weeks of rain 


normally dissuade most tourists from 
coming to India. 

Bustling lobbies may indicate new in- 
terest from business executives, but for- 
eign investment statistics reveal India 
has yet to see the full evidence of their 
enthusiasm. 

From 1991 to the month of June this 
year, up to $5 billion worth of direct 
foreign investments have been approved 
by a government eager to attract capital. 
But just over $1.2 billion worth of funds 
have actually been invested to date. 

Lagging far behind China in terms of 
total Torrign investment committed over 
the same time period, India’s ability to 
turn rhetoric about freer markets into 
reality remains in doubt. 

A number of reforms, particularly 
those meant to allow foreigners a role in 
infrastructure development, have bogged 
down and the turmoil in the airline busi- 
ness provides an example. 

Several new domestic airlines have 
formed to challenge the one-time mo- 
nopoly held by Indian Airlines on do- 
mestic routes "with a much welcomed 
improvement in service for travelers. In- 
ternational airlines have pm increased 
pressure on state-owned Air India as 
well. 

But recent restrictions on imports of 
more planes for domestic carriers and a 
ban on travel with private sector airlines 
for Indian government officials, along 
with new pricing and ticket sales restric- 
tions on international competitors, is 
widely viewed as protectionism in a new 
guise. 

“I think they are finding that competi- 
tion is much easier talked about than 
done,” said one international airline ex- 
ecutive. “Replacing one set of restric- 
tions with another is no way to be taken 
seriously.” 

Kevin Murphy 


Topics include: 

• Derivatives & pension funds 
• The trustees 

• The pension fund investor's need 

in the derivatives market 

• Commodity & energy derivatives 

• Developments in technology & 

administration systems 

• Derivatives in emerging markets 

• Alternative investments 

Speakers from: 

• ABN AMRO Bank • Rabobank Nederland 

• IMRO • INGBank • BZW Futures 

• The WM Company 

• Machado Asset Management 

• Mees Pierson Derivatives Limited 

• Credit Lyonnais Rouse Limited 

• International Petroleum Exchange • Quanfec 

• GM Investment Management Corporation 

• Sant Cassia Investment Management 

• Waterside Futures Limited • Citco Group 

• Momentum Asset Management 

• Everest Capital Ltd 

Arranged b\ 

Cadogan Financial and Managed Derivatives 

For details conlad Andrew Hodsman at 
CADOGAN FINANCIAL 
14 Buckingham Street, London WC2N 6DF 
Tel: 44 (0)71 925 1000 Fax: 44 (0) 930 7402 


DERIVATIVES IN INVESTMENT 

AMSTERDAM CONFERENCE 

Name: 

Title- 

Company: . 

Address: . - — 


Tel. No. _ . 


Fa«_ No. 




<F$T I 








































































































INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


Rape 11 




New International Bend Issues 

Compiled by Paid Horen 

Amount 

**°* f (mHone) 

■ Hat. 

Coup. 

* 

Price. 

:Wce 

end 

week' 

Terras 

Floating Note Notes 

Bonk Negara 
Indonesia 

. $148 

2001 

las 

100 

’ ’ — 

NonaA *te. Fees range from OSS* to 

1 -2Wfe. D^rwirtwra *500.000. (Sakura France AjtaJ 

Wheebdc finance 

HRSLOOO 

T999 

I 

100- 


a50% - Denoneno- 

flora HKS250500. [Goldman Sachs Aml) 

Fixed-coupon*. 

General Electric 
Capital Corp. : 

$700 

199? 

m 

• 


Issue pner no* cfedosed. Noncatebte. Fungfcln wilt, omoond- 

K 0ffl0un ’ * ** ■**"• l! ** 

Japan Highway 

Public Corp. 

. $500 

2004 

7% 

99-564 

99X2 

Nonerfahte. Few 0325%. (LTCB Irtl) 

CnkfitComroerod de 
Frcmee 

DM200 

1999 

7 

10202 

10a>5 or 9977. MoncoUafete. Frai 2%. (GofcW! Sachs.) 

Ford Cretfit Europe .. 

DM200 

1999 

m 

101-47 


NoneaSaMe. Fees 2H% (DG flout} 

Gouncfl of Europe 

m 150,000 

1996 

lm 

10041 

100.15 Xooftamdv 9951. fenarfafaie. Few m%.|B*»DiRomo.l 

General Electric 
Capital Corp. 

Ik-1 50,000 

1997 

lift 

101JJ25 

10050 

NonerfablB. Fees HML (J5. Morgen 5eariftak) 

Rabobank. Nederland m 300000 

1997 

lift 

100.955 

10055 NonarfUfe. Fees Httfc. {Swiss Bank CorpJ 

General Bedric 
Capita! Corp. 

DF250 

1997 

69b 

100-958 100 JO toojkrffd at P9J7. NoncoHabfe. Fees 1tt%- (A5KAMKO 

Nederiondse Gasunie 

DF250 

1999 

7 

101-225 


BwRerad at 9930. NonoaUie. Fees UHL (ABNAMRO 
Bank-] 

General Bedric 
Capital Corp. 

ECU 100 

1998 

7% 

101.055 

.9940 

R«wfferedof99A3. NwirottaWe. Fees ifc% (U6S SecuntiraJ 

KFWtnt'l finance 

ECU 150 

1998 

7% 

101-05 

9940 

Sooflwed at 99% Nonocdabie. Fee* 1 W% JBardoys De Zbeto 

Wedd.) 

Deutsche Bank - - 

Australia 

AmflOO ■ 

1999 

9 

101ft . 

9950 

NmradaUe. Fees 2% (Deutsche Sank.) 

New South Wales 
Treasury 

And 100 

1997 

4ft 

91437 

■ — 

Semiannually- NoncdtabW. F era 1H% Denominations 
AusSlOJCO. (Nomura ira'L) 

Toyota Motor Credit 
Corp. 

AuxS125 

1997 

8ft 

10057 

'99.55 

Ntmeefablo. Fees UHL. p-tamfara* Bonk.) 

Western Australia 
Treasury Corp.- - 

Y 10,000 

.1996 

3.10 

.100.10 


Nonoaflabfo. Fees 0,15%. Denominations 10 ndEon yen. 
(Domra Europe.) 

■ WestLB Finance 
' Curacco 

YlSjpOO. 

2004 

453 

100 

_ 

NoncaOobte. Fees 035%. Denominations 100 mfioa yen. 
(Salomon Brothers bul) 


BONDS: Japan Bommers Turn to the Dollar Market 


Cmtiaaed from Page 9 
three-yeai issue that is expected 
to yield some 3.5 percentage 
points more than comparably 
dated UJS. government paper. 
Also is line is a 5500 mill ion 
global bond, likely to be for five 
years, from Korea Develop- 
ment Bank under the manage- 
ment of CS First Boston. 


As for who is buying bonds 
c u rrently, Suritil Wadbwani at 
Goldman, Sachs & Co. in Lon- 
don said lie believed that retail 
customers were returning in 
strength fallowing the recent 
stabilization of prices in the ma- 
jor markets. “Much higher real 
rates will draw retail investors 
back,” be said. 


YEN: Profit Reports Show Mix of Winners and Losers 


Confiuued from Page 9 
at 2.14 trillion yen ($21.4 Id- 
lion), an amount that has 
earned it the nickname Toyota 
Bank. With exports made un- 
profitable by the high yen and 
the prices of domestic vehicles 
falling, Toyota's profit margin 
per vehicle dimmed to less than 
1 percent, said Keith Donald- 
son, director of research at Sal- 
omon Brothers Inc. in Tokyo. 

•Moreover, -while earnings 
have been buoyed by sales 
growth in the United Stales, 
much of the increase there is 
due to leasing, a dodgy strategy 
thaL could result in losses if re- 
sale values are below expecta- 
tions. 

Jn Europe, meanwhile, 
Toyota and other Japanese car- 
makers are losing market share 
because the/ have passed on a 
bigger share of high-yen costs 
than they have in the United 
States. But prices are set to rise 
in the United States too: 
Toyota plans to increase sticker 
prices on its ILS. models by an 
average of 3.5 percent, or 5606, 
for 1995 modus, the company 
said last week. 

Toyota's forecast for the cur- 
rent year also makes &ome opti- 
mistic assumptions, including a 
yen rate of 103 to the dollar and 
a 7.5 percent expansion of the 
home mark cl Should condi- 
tions be less favorable, Toyota's 


Some of Japan's electronics 
companies are in stronger posi- 
tions, having o v ercome the yen 
with Kama crystal displays, 
hard-disk drives, memory chips 
and other high-tech products in 
hot demand. 

- Canon Inc., for example, is 
set to expand its share of the 
world market for ink-jet print- 
ers, already at about 45 percent, 
with inexpensive color models. 
The mkrodripmakers Fujitsu 
Lid. and Old Electric Industry 
Co. also predicted big gains in 
profits. 

“Japanese dec Ironies com- 
panies have lots of cash, and 
they’ll go again." said David 
Benda, an analyst at Barclay’s 
de Zodte Wedd. ’There will be 
another comeback for Japan, 
some of it from bases in South- 
east Asia.” 

There is gloom, though, 
among Japanese steel, cons true- 
rio n, utility and other nonman- 
ufacturing concerns. The prog- 
nosis is even more problematic 
among the myriad yman suppli- 
ers, where profits have been 
to me bon 


nese carmakers, will be dealt a 
severe blow. 

“The auto industry is not 
competitive at below 100 yen to 
the dollar,” Mr. Donaldson 
said. “They’ve got a lot more to 
do.” 

Dealing with excess capacity 
is am eng the -biggest tasks. As 
increasing numbers of vehicles 
are produced offshore to escape 
the high-yen environment, Jap- 
anese automakers now have the 
ability to make 2 million to 3 
million more . units than are 
needed each year; as many as a 
dozen plants are redundant. 
Bui aggressive moves such as 
; dosings and layoffs have 
resisted, with companies 
pr a erring instead to put a 
freeze on new hires ana cut 
back on overtime and bonus 
payments. 


r bone and many 
have folded, as the immense en- 
tities at the top of the Japanese 
corporate hierarchy shift to off- 
shore sources. 

The big companies with lots 
of assets can weather this many 
more years," Mr. Koo said. 
“But smaller manufacturers are 
not getting bans, times are very 
lough-" 

Aggressive deregulation 
would open up new areas of 
growth, make Japanese compa- 
nies more competitive and take 
pressure off the yen by spurring 
imports. But the coalition gov- 
ernment led by the Socialist 
prime minister, Tomiichi Mur- 
ayama, is moving cautiously on 
the deregulation drive launched 
by Monhiro Hosokawa last 
year. 

Transport Minister Sbizuka 
Kamci, for instance, recently 
criticized Japan Airlines for a 
plan to hire Japanese stewar- 
desses with annual, as opposed 
to lifetime, contracts, even 
though the •carrier, which has 
been losing money, saw the 
move as essential to its restruc- 
turing. JAL was forced to sus- 
pend the plan, rather than risk 


Other analysts maintained 
that the recent report from the 
Bank for International Settle- 
ments noting that baulks had 
been net sellers of securities 
during the second quarter was 
potentially good news because 

this meant they were positioned 
to resume purchases. 


going against “administrative 
guidance.” 

■ Trade Gambit by Tokyo 

Japan plans to turn the tables 
on U.S. negotiators by arguing 
that U.Sw government procure- 
ment practices in two key areas 
are even less open to outsiders 
than those in Japan, news orga- 
nizations in Tokyo reported 
Sunday, according to the Asso- 
ciated Press. - ■ 

Quoting unnamed govern- 
ment sources, the Japan Broad- 
casting Corp. said government 
research into statistics compiled 
by the General Agreement on 
Tariffs and Trade had showed 
that the foreign shares of U.S. 
government purchases of tele- 
communications and medical 
equipment were lower than 
those in Japan. 

The United States, frustrated 
with a lack of progress in talks 
on improving access to Japan's 
lucrative government procure- 
ment market, has imposed a 
deadline of Sept. 30 for agree- 
ment to be reached before it 
moves toward sanctions. 

In the past, Japanese officials 
have responded to U.S. accusa- 
tions of unfair trading with sim- 
ilar accusations of their own, 
issuing reports detailing various 
commercial sins of the United 
States and other nations while 
claiming Japanese markets to 
be open. 

The Japan Broadcasting 
Corp. said the statistics indicat- 
ed that while Japanese govern- 
ment purchases of foreign tde- 
co mm unication s equipment 
were just 0.6 percent of the total 
in 1991. the corresponding fig- 
ure in the United States was 
even lower, at 0.07 percent 

The foreign share of govern- 
ment purchases of medical 
equipment meanwhile, was 
38.5 percent in Japan and 1 5 
percent is the United States, it 
reported. 

The United States argues 
that unclear procurement pro- 
cedures in Japan have kept its 
share of public purchases of 
Japanese medical equipment 
down io 20 percent, even 
though in other markets it holds 
40 to 50 percent market share. 


Quna Plans 
Spate of 
Corporate 
Bond Sales 


Bloomberg Business News 

BEIJING — China will issw 
4.5 billion yuan ($517 million 
in corporate bonds in the re 
maining months of 1994 to funt 
300 to 400 infrastructure am 
technical renovation projects 
the official newspaper Chim 
Daily reported on Sunday. 

To attract investors, the pa 
per said, the bonds — frorr 
companies in the transporta- 
tion, energy and raw material; 
industries — will cany a cou- 
pon rate 40 percent higher that 
the interest rate on bank depos- 
its for the equivalent period. 

Yet an unnamed official 
from the People's Bank of Chi- 
na, the country’s central bank 
predicted that buyer enthusi- 
asm for the bonds would not be 
high, despite die yields. 

The official said investor in- 
terest would be diminished by 
the greater risk associated with 
corporate bonds and the recsni 
resurgence of China’s two stock 
markets, the papa- reported. 

China’s investors have al- 
ready been tapped for 1 10 bil- 
lion yuan in government bonds, 
while cash-flush Chinese have 
poured money into banks, in- 
creasing savings in the first half 
of 1994 to 1.77 trillion yuan, up 
38.6 percent from the same pe- 
riod a year ago. 

China's corporate bond mar- 
ket is a relatively small force in 
the country’s financial dealings, 
with most big public-sector 
companies opting for cheap, 
state-directed loans. By the end 
of 1993, China had issued about 
61.8 billion yuan in corporate 
bonds, China Daily said. 

The bank official said the se- 
curities firms underwriting the 
new bonds would probably not 
be able to sell all the issues. 
Nonetheless, they are expected 
to participate because their other 
main source of revenue, under- 
writing share offers, dried up af- 
ter the state banned stock issues 
for the rest of the year. 


Banks to Reduce 
Poland’s Debt 

Agave France- Prase 

WARSAW — Foreign com- 
mercial banks have agreed to 
slash Poland’s $13.2 billion pri- 
vate debt by around 45 percent 
and will sign a rescheduling ar- 
rangement SepL 13, Polish tele- 
vision reported on Saturday. 

Prime Minister Grzegorz 
Koldko called the agreement 
historic, saying it would “bring 
to an end 14 years of abnormal 
financial relations" between Po- 
land and the rest of the world. 

Repayments will be spread 
over 30 years and will not ex- 
ceed $400 million a year. 


Economic Reports Mean Turbulence 

“We've had daily volatility but not 
onthly volatility," Mr. Stevens said. “I 
ink the market' will end its period of a 


Bloomberg Business News 

NEW YORK — U.S. bonds ended the 
week unchanged following the market's 
largest swings in three months in a market 
that was wMpsawed by conflicting evi- 
dence about the economy’s strength. 

Dealers warned that the turbulence was 
likely to persist this week because a string 
of economic reports are expected and be- 
cause the market is likely to be thin with 
many traders and investors taking long 
vacations during the Labor Day weekend. 

Economic reports are on tap every day 
next week. 

“You’re going to see dramatic moves up 
and down but that doesn't tell me a lot 
about the market's future direction," said 
Dan Moms of Consistent Asset Manage- 
ment. This is the kind of stuff that tears 
you up." 

The string of economic reports begins 
Monday with the Commerce Depart- 
ment’s release of personal income and 
spending figures for July. 

Tuesday will bring reports on consumer 
confidence, new-home sales and retail 
sales. On Wednesday, there will be the 
index of leading economic indicators and a 
survey of purchasing managers in the Chi- 
cago area. The national survey of buyers 


for corporations comes Thursday, along 
with figures on unemployment claims and 
construction spending. 

But the mam event next week will be the 
release on Friday of the August employ- 
mem report potentially the most market- 

U.S. CREDUT MARKETS 

moving economic indicator for months. 
The Labor Department’s report will pro- 
vide the first peek at how strong the econo- 
my may be in the third quarter. 

“I think the numbers, for the first time 
in three or four months, will be signifi- 
cant” in determining where interest rates 
are heading, said William Stevens, a man- 
ager at Montgomery Asset Management. 

Traders noted that the jobs report will 
arrive just as traders and investors are 
breaking for the Labor Day weekend, 
keeping trading staffs low. 

The reports next week could jolt bond 
yields out of a narrow trading range that has 
persisted since mid-May, investors said. The 
yield on the benchmark 30-year bond hov- 
ered at 750 percent for the past seven 
weeks, and fluctuated between 725 percent 
and 7.75 percent in the past three months. 
The yield began the year at 6.35 percent. 


monthh 

think the market will end its period 
trading range sometime in the next several 
weeks. It wul set off in a new direction, and 
that new direction will be determined by 
the economic indicators of September and 
October." 

Last week the benchmark 30-year bonds 
rallied on Friday as much as 1 .25 points 
after a government report provided evi- 
dence that economic growth in the second 
quarter was less than expected. The ad- 
vance followed a decline of 7/8 point on 
Thursday which had offset a gain of that 
scope the day before. 

Bonds last experienced three days of 
simil ar price swings in June. 

The yield on the 30-year bond was 
quoted at the end of trading on Friday at 
7.483 percent, down slightly from 7.485 
percent a week ago. The five-year bond’s 
yield was quoted at 7227 percent, down 
from 2256 percent a week ago. 

The Figures released on Friday showed 
that the economy had expanded at a re- 
vised 3.8 percent annual rate in the second 
quarter, up from the 3.7 percent pace re- 
ported initially. 


The Week Ahead: World Economic Calendar, August 29 - September 2 


A xhochila ot this weak's economic and 
financial events, compBed tor ttminterna- 
OonatHaretd Tribune by Bloomberg Busi- 
ness News. 


JUta-PocHlc 

• Ibb. 2B Caabtm Balance of pay- 
ments data lor July. Forecast Current 
account daflett at 1-3 bUBon Australian 
doBan. 

Tokyo Urge scale retailers' sales m 
July released by Ministry of Trade and 
tndusby. 

Bangkok Tumex (Thailand) PLC an- 
nounces dotafia of expansion and financ- 
ing plans tor its petrochemicals produc- 
tion ptanL 

B sngk n k Last day to buy shares In 
Swedish Motors PLC and qualify tor a 1:1 
rights tosua. 

Bering U.S. Commerce Secretary Aon 
Brawn and China's Minister of Foreign 
Trade and Economic Cooperation Wu Yi 
hold a signing ceremony for framework 
a g re e ment s reached through the U.S - 
China Joint Commission on Commerce 
and Trade. 

Bombay Two-day buyer/seller meet or- 
gertzod by the Indian Apparel Export Pro- 
motion Council begins, covering spring- 
/summer 1985. 

Ea rnl n ge expected Amotts. Maanshan 
Iron S Stool. Shanghai Petroche mi cal. 

* Aug. 30 Canberra Foreign debt lor 
June quarter. Forecast: Rise. 

Tokyo July unemployment rare ana joh- 
to-appi leant rsUa 

Begtag LL&. Commerce Secretary Ron 
frown speaks at a U.S. -China Business 
Council luncheon on commercial policy. 
Jakarta Btntarg Khartshma. a shoemak- 
er, to list tO rnttUon shares on the Jakarta 
Stock Exchange. 

Tokyo US. and Japanese officials hold 
two-day talks on foregn access to Ja- 
pan's sheet glass martin. 

Hoag Kong Asia Law & Practice Semi- 
nars hold onfrday China Transport Fo- 
rum. 

Singapore f 7-member delegation from 
Zhouchun, a district of Z1 bo chy in Shan- 
dong province, ChmsLto present 50 pro- 
jects worth about SSOmAcn to Singapore 
busmessmen.- 

e bog. 31 Tokyo Juty housing starts 
and construction orders. 

Tokyo July Industrial production. 

Tokyo Shares of women’s bag retailer 
Tokyo Dnrtca to begin tracing or Japan's 
over-the-counter markat 
Canberra Australian national accounts 
tor March-June quarter. 

Hong Kong Camay Pacific Airways un- 
vote a now corporate riercWy, Including 
new livery tor Its si reran. 

Wete ngten The inv est! n e w company Id- 
disoo Group Vietnam Ltd. to register pro- 
spectus to raise S7.5 minion and trade 
shares on New Zeeland stack exchange. 
Earning* eip o c to rt Fletcher Challenge, 
MAM. Holdings. Slam Cement. 


, 1 Tokyo New vehicle sales In 

August. 

Tokyo Foreign currency reservee at end 
of August 

Singapore printed circuit board maker 
Bee a Ettek inti. Co. to dose Its Initial 
public offering. 

Sydney Prime Minister Paul Keating 
launches Austrbkan government training 
program at Regent Hotel. 

Brisbane jlmWaU. managing Okoaorot 
mining concern Savage Resources, ad- 
dresses Securities insuune of Australia. 
Earnings expected Amcor. Brambles in- 
dustries, Bums Philp & Co., Western Min- 
ing Corp. 

o Sept- X Tokyo Ministry of Finance 
releases July current account bteanoe fig- 
ures. 

Tokyo MWs try of Finance releases to- 
tals of Japanese investment in foreign 
stocks and bonds and foreign Inv estm e nt 
in Japanese stocks end bonds. 

Hong Kong Stock Exchange holds an 
emergency general meeting to consider 
various, u-of-yet unspecified, issues 
raised by members to rescind now trading 
rules introduced on Juty 1 . 

Canberra Prime Minister Paul Keating 
launches final report of year-long study 
Into export services. 

Singapore Takeover offer by Hong 
Kong's Pacific Century Group for Singa- 
pore-based investment company See- 
power Asia investments doses. 

Bangkok Last day to buy shares Thai 
Factory Development PLC. a builder of 
large-scale manufacturing facilities, and 
qualify tor a 3£ rights issue. 

Sydney Stan Wains, managing director 
of paper and packaging group Amcor, 
addresses Securities Institute of Australia 
luncheon. Topic Corporate growth. 



Sydney Australian Council of Wool Ex- 
porters annual general meeting, with 
speech by Charies Armstrong, president 
ol the Wool Council of Australia. 

Hong Kong US. Secretary of Com- 
merce Ron Brown speaks at s American 
Chamber of Commerce luncheon. 

Kuala Lumpur Lmatex Process Rubber 
Bhd. holds shareholders - meeting to dis- 
cuss proposed acquisition of Cooperative 


Central Bonk Ltd- proposed rights and 
bonus Issues and proposed change of 
name to PhSBO AHJed Bhd. 


Europa 

• Kxpwoted thie weak Amster- 
dam April trade balance. 

Frankfurt June capital account. 

HrMnU July trade balance. Forecast 
3.6 ballon markka surplus. 

Roma July foreign reserves. Forecast 
92.0 trillion Bra. 

Rome July balance ot payments. Fore- 
cast 1-7 trifflon-nra deficit 
Cope nha gen July unemployment rate. 
Forecast 12.1 percent. 

Geneva August real gross domestic 

product Forecast Up 1.7 percent in year. 
Fnxridurf July industrial production. 
Forecast Up 0.5 percent. 

Amsterdam August consumer price In- 
dex. Forecast Up 0.4 percent In month, 
up 23 percent in year, 
e Asp. 29 Brusee le August consum- 
er price index. Forecast Up 0-3 percent In 
month, up 2.6 percent In year, 
e Aug. 31 Amsterdam 2nd-quarter 
gross domestic product. 

Geneva United Nations conference on 
trade and development 
London August Chartered Institute of 
Purchasing Managers report. 

Parte July imemptoyment rate. Fore- 
cast: 12.6 percent 

Earnings expected Assurances Gener- 
ates de France. Baltics Forsfknng. Ban- 
qus Brux sites Lranbert. BoUWassanan. 
Cfba-Geigy. Dakruer-Benz, Groups Bru- 
xelles Lambert Tele Denmark. 

• Sepbl Frankfurt Bundesbank can- 
tral council meeting. 

Earnings e xp ec te d Eff Aquttatoe, Lad- 
broke Group, Reckitt & Coleman, RoBs- 
Royoe. Telefonica de Espana, Vickers. 
Williams Holdings. 

esepta Brunets August unemploy- 
ment rate. Forecast: HJ5 percent 
London August official reserves. Fore- 
cast: 525 mason defiat. 

Earning* e xpecte d Deihaoe “La Lion," 
Pearson. Schroders. 


Americas 

e E a v n iag e expe u ted fble week Eck- 
ert. Leslie Fey. 

e Aug. 29 Washington Personal in- 
come and spending tor July. 

Ottawa June employment, earnings and 
hours report. 

Washington Second-quarter merchan- 
dise trade. 

Wa sh ington Reed Hundt chairman of 
the Federal Commumcauone Commis- 
sion, holds a press conference to discuss 
upcoming auctions for licenses to devel- 
op personal communications services. 
Denve r Oil. Chemical and Atomic work- 
ers International Unton conference. 


Las Vegas Coopers 6 Lybrand open 
three-d ay conference for human resource 
personnel on educating employees how 
to manage their own retirement funds. 
•Aug. 30 New York The Conference 
Board releases Its index ol consumer 
confidence for August 
W as hington July new home sales. 
Ottawa June unemployment insurance 
statistics. 

Santiago Chtta's private Industry group, 
Sotota. releases Industrial output figure# 
for the month of July. Outiooic Increase of 
6.9 percent In the first half of tills year. 
Washington U .S. Department of Com- 
merce holds a two-day workshop to dis- 
cuss technical and economic issues fac- 
ing the networking, telecommunications 
and intormation technology Industries. 
n ed w ood City, CaflL Borland Interna- 
tional Inc., In the mkMt of reinventing HseH 
as a niche software developer, hosts Its 
annual sherahoidera mooting. 

Detroit Society of Manufacturing Engi- 
neers and Auto industry Action Group's 
AuloTech '94 conference begins. 
Through Sept. 1. 

a Aug. 31 Washington July leading 
economic Indfcatore. 

Chicago The Chicago National Associa- 
tion of Purchasing Management releases 
Its Indexes for August. 

Washington July factory outers. 

Ottawa June gross domestic product re- 
port 

Mo de Janeiro Government to auction 
petrochemical company Copene on Rio 
stock exchange for S369 million. 

Austin. Texas Robert McTeer. president 
of the Dallas Fed. meets wftft local bank- 
ers to discuss the economic outlook tor 
the region, the state and the nation. 
Eamtogs expected Fleetwood Enter- 
prises. Fred Meyer, Ution Industries, 
e Sept. i Temps. Arizona The Na- 
tional Association of Purchasing Manage- 
ment releases its Indexes for August. 
Yacyreta The first turbine starts produc- 
ing electricity at toe 2.7 megawatt Yscyr- 
ets hydroelectric plant Knotty owned by 
Argentina and Paraguay. 

Earnings expected Canadian imperial 
Bank of Commerce. Royal Bank of Cana- 
da, Sue nay's. 

a test 2 W ash i n gton August em- 
ployment report. 

Ott a wa Second-Quarter industrial ca- 
pacity utilization rates. 

Buenos Afros August Inflation figures. 
Outlook: Consumer price inflation expect- 
ed io drop from 0.0 percent 
Santiago National Institute of statistics 
to release August inflation rate, in d ustr ia l 
production for July and unemployment 
lor tne ttwaa months ending July 31 . Out- 
look: The central bank has forecast con- 
sumer prices writ rice l.i percent In Au- 
gust 

Newark, New Jers ey Potential buyers 
must submit bids by today for the assets 
of Western Union Financial Services lnc^ 
a unit of New Valey Corp, to US. Bank- 
ruptcy Court. 


SHORT COYER 


DILLER: Media Concerns Advised to Stop Squabbling 


Om&nedfrsaPfcge? 
bile, Alabama, Andy Meister of 
the New York Times reported. 

In a deal announced Th up- 
day, SF Broadcasting., a join* 
venture of Fox Television Sta- 
tions and Savoy Pictures 
tainment. agreed to pay S229 
million to Burnham Broadcast- 
ing Co. of Chicago for three 
stations: WVUE in New Or- 
leans. WALA in Mobile and 
KHON in Honolulu- All three 
are VHF stations, with channel 
positions below 13 on the dial, 
add as such arc highly p®®- 

Because Fax is a 25 percent 
equity partner in SF and Savoy 
owns all voting ■ rights in the 
company, the purchases will 
not cause Fox to exceed federal 
regulations limiting each broad- 
cast network to 12 "owned ana 
operated” stations But certain- 
1? one, and possibly all three, of 


the stations will switch their af- 
filiation to Fox. 

The most important prize for 
the chairman of Fox Rupert 
Murdoch, is the station in New 
Orleans Last year, Mr- Mur- 
doch paid $1.6 billion to the 
National Football League to 
broadcast games of the league s 
National Conference, of winch 
the New Orleans Saints ts a 
member. . 

Fox is now represented in 
New Orleans by WNOL a 
UHF station owned by the mu- 


Orders for U.S. Machine Tools Cool 

NEW YORK (AP) — Orders for U.S.-made machine tools 
declined 14.6 percent to 5344.75 million in July but remained far 
above the level recorded in the same month a year ago. a trade 
group reported Sunday. 

The Association for Manufacturing Technology said machine 
tool orders were down from 5403.65 million in June but were 392 
percent higher than orders In July 1993. Orders for the year thus 
far totaled 52.49 billion, 23.6 percent higher than 52.02 billion in 
the comparable 1993 period. 

Machine tool orders are considered a gauge of future economic 
activity, since an increase in orders indicates that manufacturers 
believe that future sales will rise. The monthly report covers metal 
cutting and metal forming machine tools, which are used to 
manufacture goods from household appliances to aircraft engines. 

Kenya to liberalize Sales oi Fuel 

NAIROBI (Reuters) — President Daniel arap Moi has declared 
that the government will soon liberalize fuel sales in the country, 
the presidential press unit reported on Sunday. It quoted Mr. Moj 
as having told a rally in the Indian Ocean port of Mombasa that 
the government would ensure that fanners and small domestic 
consumers were not hurt 

Mr. Moi did not indicate when the liberalization, loug sought 
by aid donors and pledged by Finance Minister Musalia Muda- 
vadi in his budget speech in June, would take effect. Fuel prices 
have long been under government control. 

McDonald’s Threatens German Hike 

FRANKFURT (Reuters) — McDonald’s Corp. has said that it 
will raise prices 25 percent if Germany introduces a tax on 
josables, a move widely supported by the German public, 
lut the head of McDonald's German operations. Gerd Rau- 
peter, said in an interview with the magazine Focus that he hoped 
it would not come to that He noted that most of the fast food 
chain's 535 German restaurants already took part in government 
recycling programs and that 80 percent of McDonald’s garbage 
was disposed of and recycled privately. 


sic and television producer 
Quincy Jones. Fox’s move to 
WVUE will probably force 
ABC to switch to this weaker 

outlet. WNOL has no news op- _ xt , T „ 

S2?d onffr^ C sStch. need to Old New York Law Firm May Close 

The picture in Honolulu and 
Mobile is cloudier. Fox already 
has a VHF affiliate, KNHL, in 
Honolulu, but indications are 
that the switch will be made 
anyway. Analysts said that SF 
may quickly sell WALA. the 
station in the Mobile market. 


NEW YORK (NYT) — Lord Day & Lord, Barrett Smith, one 
of New York’s most venerable law firms, may be on the verge of 
shutting down, a leading trade publication has reported. 

Citing several of the firm’s lawyers. The New York Law Journal 
said Lord Day management was working toward a dissolution by 
the end of September, which would coincide with the end of its 
fiscal year. 


or 


Beal Estate Marketplace 

Every Friday 
Contad Fred Ronan 
Tel.: (331)46 37 93 91 
Fax; (33 I) 46 37 93 70 
your neoresi IHT office or representative 


growth rate in 1995. 
tins year, Chancellor Helmut 
Welt am Soruuag. (AFP) 


For the Record 

Germany should experience a 3 
compared with the 2 percent expecte 
Kohl said in an interview with the weekly 

Top executives of Petron Coip* led by an executive of the Saudi 
Arabia Oil Cct, have given up their shareholdings to defuse a 
controversy over the Philippine oil company's employee stock- 
option plait Petron’s president. Abdulaaz. KhayyaU who is an 
A ramc yi executive, and five vice presidents waived their right to the 
shares, Energy Secretary Delfin Lazaro said Saturday. (Reuters) 


Euromarls 
At a Glance 


Eurobond Yields 

Auv.UAuo.lt YT bW Yrtovn 


U3.1, tone term 

7.78 

7-KJ 

7J4 

U1 

CULS. radm term 

7JS 

7U 

72t 

US 

U5.S, start term 

6J0 

631 

636 

*H 

Poaods starting 

&f1 

M7 

vn 

626 

France trana 

U1 

7J8 

KOI 

5 SI 

Hatton Ike 

11.13 

107$ 

11.17 

7.01 

D tedsokneo 

Ln 

a» 

A41 

626 

Sweat* krona 

11.13 

1UB 

11.13 

7j0* 

ECU. Iona term 

&4a 

tM 

AM 

A. IB 

ECU. ndm term 

BJU 

7j n 

in 

s*t 

Coils 

m 

*.» 

9M 

U8 

Ain.1 

7.17 

MS 

749 

039 

NLZ.S 


IMS 

&M 

WO 

Yin 

*45 

151 

ASS 

347 


Last Week’s Markets 


All Rourcs are at of close of trading Friday 

Stock Indexes 

United State* 


Money Rates 


Source: Luxembourg Stock Excnonve. 


Weekly Sales 

Primary MUM 

Cede! 


Aug. 25 


Enrodcor 



S teas 

S 

NoaS 

Straw* 

MUD 32U0 

i /end 

249740 

Convert 

— — 

79 JO 

4420 

FRNs 

7 30 — 

nut 

— 

EC? 

KB72I 34SU0 

M905J 

44HTJ0 

Total 

aML20 SJffiJO 11.01.10 

94233 

iww*n>MirM 




com 

Eoradwn 


S Non* 

S 

MOBS 

Strata Us 

943780 1&Z254D 3U76J0 59J3SJ0 

Convert 

40UI 317.10 

utuo 

934JB 

FRMf 

&JGJ0 1,12430 39M6.K 

444140 

EC? 

4377 A0 1US9.10 

940940 30487.90 

TOW 

21749J0 77,0700 7123020 5U2H.90 

Source: Cvroctaor, ced ol 



Libor Rates 


Aug. 26 


i-monta manta 

4-TWHTT6 

US.S 

4 un& 

S 

ssn* 

Dootteflemork *u/ii 

5 

510 

Poind tterUno 5 

5V> 

4 

Freodatnaic 5% 

590 

sisn* 

ECU 

3 lino 

510 

4 an* 

Yen 

V6 

2» 

?7ri4 

Sources: 

Llovds Bank. Rmaters. 



□J Indus. 
DJ Util. 
DJ Trans. 
Sip 100 

sfipsoa 
S&P Inti 
NYSE Cl) 
Britain 
FTSE 100 
FT 30 


Oermmnr 


OAX 

HoMlCsng 


Aug. 26 

Aug. 19 

or* 

United States Aua2S 

AWJL19 

388155 

176450 

+ 110 06 

Discount rate 

430 

430 

188.44 

187 J2 

+ 060% 

Prime rote 

7=- 

7% 

161440 

159439 

+ 126% 

Federal funds rate 

4 B » 

Vrs 

438.12 

<09 20 

+ 235 % 

Japan 



47X80 

46437 

+ 203% 




55621 

54154 

+ 233 % 

Discount 

l*i 

1\> 

34042 

25&00 

+ 138% 

Coll money 

2 

203 




3-month Interbank 

2 *• 

2Vi 

3265.10 

3,191.40 

+ 231 % 

Germany 



255220 

149650 

+ 221 % 

Lombard 

0JDO 

6SO 




Call money 

465 

4.90 

2047149 

2031270 

— 020% 

3-month Interbank 

Britain 

5XO 

500 

Z16IJ4 

Z 14957 

+ 056% 

flank base rate 

J*'* 

5Vi 




Call money 


4V. 

939948 

P30444 

— 036% 

3-month Interbank 

5'. 

Sirs 




Ooto Aug. 26 

AUB. 19 

ai'vi 

63850 

638.40 

+ 002% 

London Pjd. flxj 38330 

38130 

+039 % 


MSCIP 

World Jnaox From Morgan Stontev Capital inn. 


GLOBAL ENVIRONMENT FACILITY PROJECTS: 

The U.S. Agency for International Development] 
(USAID) soTiots expressions ol interest in receiving Requests for Proposals; 
I (RFP) Tor two USAID- Funded Global Environment Fatih [y Projects. 

BULGARIA BIODIVERSITY GLOBAL ENVIRONMENT! 
FACILITY PROJECT. This project is aimed at strengthening the Bulgarian 
nature protection management system at the national and focal levels. 

DANUBE TRIBUTARY BASINS GLOBAL ENVIRONMENT ; 
FACILITY PROJECT. This project is aimed at reducing the emission of I 
toxic compounds and pathogens to international waters in selected areas | 
j where potential pathways of human exposure cross national boundaries. 

To receive a copy of both of these RfP. please submit a written request to: 
Karen Beveridge. UJ. Agency for International Development Office of Procurement, 
mmnvtl Xrn H4D, SA-IL Washington, DC USA 20523-1426. 



SEPTEMBER 12-13 

OCTOBER 4. 5 &b 

FEB. 16-18 

Economic Value Added 
-A seminar - 

The Development ins awe International presents 
EoDBoooic Value Added. EVA tjh is 
manasemen s laea hnancul axKepi used by 
leatifficavnoanKStlvouchcuihewato This 
inclusive das? business event vntl heW 

mihihecoflaboraiiond Udiet Flneau- 
ValenaenntPDC Croupe Schnetder: Orcld 
Cheek. Senf r Vice Preadert Finance Coca-Cola; 
Stem Stewart Co .TheoVemselen. INSEAD. 

Cowan Sttorazade Scower 

Td; l 1 1 40.74.7U 48 

Fa* /33-IJ 40 74.70 05 

Fa* 133-11 40.74.79.15 

National Business Aircraft Asodation 
47th Annual Meeting & Convention 

The mea nnponara maitetptacelc^ business 
man on in the wartd the NEA\Csr.vainon {pans 
neatf7«ie<hif0fm)eriin!ixtfeihitos»a; An 
unpiessjve arrai ol aroatt. *vmiB enpnesand 
eossKnes a? dcpbwd in abundance !>K\Hicaim 
speoalras oimponert manubetuiec semaanil 
support cmanBanens are well terucfni ed anwnt: 
ihenearfj TiOEAihrlPfsnhoM the masswe halls 

An estimated haSJslfan drilars enth ciairaafi 
grace the tarmac at Ihe Static Daplai Anpy; 

Cento,! Kathleen Hull. NBAA. 

Washington, D.C. USA 

Tel.. 12021 W3-0262 

Fax. 12021 St.2-5552 

Societies In Crisis 
and Mental Health 

Lading European psiThia.iss pstholo^isjs 
eccfLOniLSU and soaclopSs ^-Jl eamine ihe 
mental health e!leC£erMoe!>-ol 
Unernpli.'t.'mera Immipan^nandviotetia 
SFCflSjreo t»-' sunken Scoa! Mirnsines and 
Iwematcnal Social Or^matims Corterencfi 
crpneen seek socalh- Ccrrioames to 
dewiop si-rrpirsia illuaiamc iter efttrts to help 
sorwthesa pmrtems 

uvtMJ Mereure Comnmnication 
International 

Tel.' 133-1 M2 W 17 70 

Fax. 133-1 1 45 £>3 25 68 

PARIS 

NEW ORLEANS, LA, U.S A 

PARIS 




- a 

' H 


Page 12 


BNTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


MUTUAL FUNDS 


IGroName Wkhr GroName Wldv j Ore Name WMhr[ 
Fd Name Last Owe FdNtme Hat Owe! Fd Name Last Owfl 


we cro name 


SrsName WUriteNam VrtcMGrvNantt WMyiCrpWmn WWy I Grp Name wjOv Gnrttanr WWy Orottome WfrJSg/fcl!* tnj aSiV FdNCWW 

■aTR mSIWSR U« C&| WhEw L*raS»j rename met awe . FdNam. Lari C^ja^uneam *.Nom* ‘ 


Oos* of trading Friday, ^-*9- 26. 


| Cm Name WUr j Grp Name WUr i 

Fd Nome Last Owe FdNome Last Owe 


G 2, 1 ^* , .WMy GraNome WWy 

Fd None Last Owe Fd Name Last Owe 


Ealmfex 1022 -23 1 Eaudv HUS -21 
Fixedlnc 927 -JJ3 GatflnCD 984 -42 


QuantEa 10.13 -.19 I 
STFWJne 989 - JH 


LTGovt 9.66 -JB 
Munline tao* +jk 


AAL Mutant ; 

BmiP 982 -.03 I 
QjGro T4.K + 28 
Mungctsi 10.60 -a* 
SmCBSft VM -J8 
. Util o aj3 - (U I 
AARPtnvsh 
BalS&Bn 16.96 -.171 
CtBJGrn 3175 -8J j 
GtoieMn 1421 - J)3 [ 
Grunncn 36.. « -46 1 
hQBdn Ii_j/ - XU I 
«*FBdn i7 J9 - 37 ! 
ABT Funds ! 

Fmtrrgo 1133 -.49 
F ‘ HI 10.1? -.01 
Fl TF 104) - jh 
G wttrino 10.91 + 24 
U til Inc p l)J8 - 08 

AFL^IO^ -A 

TO*? 

.Jj! 10-11 + 41 
AIM Funds 
AcEGw a 9 89 _ I 

Aorsvp 36.17 -49! 
B«AP 1546 -43 
Bfi40t 1566 -43 I 
Chart p 9.00 -.16 
Canal p 17.70 -49 
gqscp 9J< -JB 
GrlnBl 1047 -51 i 
GfThp 1Q.9S -.31 


GlEaC no 11.96 —.04 
OgVA p BJB —.03 

G*Cvflpn 8.13 — JB 

GiOvCo BJ38 — 43 Flexlncn 4.71 DvGtflt 1722 +86 

GUWgdAp 941 — JD1 GKJrnp 10.18 -49 D<vG«ht 3049 -42 

G*MagBnp98? -J)l PrtMno B70 -23 Drvlnfx 9.48 —JO 

OMndC np953 -41 STQn 1.75 - Eurot 11*3 -56 

GvScAp 9.97 - JJ3 ST Ban an 192 -41 QfttT . 175 _J01 

GvSSp 9.98 - J03 BdEndnw 1647 -JW gEDivI 1140 -.11 

GvScCp 9.97 -.06 Brinson Funds: GfabUtilt 1057 -4* 

G\Tg9?pll27 -.16 BrinsnGI 11025 -JR FedSeet 9JJ1 -JR 

C -Ap 8J0 -JR BrinsGIBf 9.6J -JM HIThScl 1045 *45 

CvTIBp 840 -JR NUSEoffV 1047 -.11 HilnCDP 9.83 

UvTlCp BJO - JB Bmdvwnn 2488 -87 HiYMx 644 —46 

Grinc p 1193 -50 BmdyBin 1746 -51 MuAZl 10.11 +JD 

Grincp 1193 -50 Bruce n 9746— .15 1 IntSmCl 9.99 — JH 

HortaAp 1417 -.14 BruncfeSI n 1054 - JB intmflit 989 -41 

HcrtBp 16.il -.15 Bu8 & war G r UdMuni 943 -JM 

MiYIdlrrvA ptlS _ GtolncnorBJa — .07 MuCAt 0.1? - m 

HIYlffip 6.U „ GakHnvnol68S -59 MUFLt 034-42 

7AJBAP 1040 -43 GovtSecnpl48J - 43 MUI4JI 0.19 -.03 

MunBBpKLOO -.06 Mulncp 1548 - 43 MuOHp 051 -JD 

PoceAp 1141 -55 QwflGfllP 13.91 -49 MultPAt 057 -JB 

Ppceap 11 Jl -54 SpEqp 1168 -.13 NYTxF I 1U3 -JB 

ReEWAp 9.37 -41 1 USOwnp W5 -46 Ntftst 1144 -.17 

ReEaBp 9J7 _ Burnham r 2044 -.IB Pcrtrt 3150 —.13 


SCMuni 1043 -43 DaanWiltaR 
; Btondwfd Funds: _ Amyrit 2 
AmerEan 9.90 -54 CalTxFril 


PATxFi 1059 -41 
RlTxFl 953 - 42 
STCblf 858 -47 
SCTsFt 9.») -41 
TNTxFl 9.99 -JB 
TXTxFr 10.17 -JO 
Texftfnl 1W — 43 I 
VATxFt lain -JK?| 
WVTxFt 953 -.43 


EmpGrtn ni53 —.01 
FI*TTBdn4.B5 -43 


UWCCp 9.97 -.04 
GvTWD 1137 -.14 


Am vail 2151 -J4 Eaton V Trod it«nat 
, CafTxFri 13J6 -43 China o 15 2 . I 

I CnoGrol 13.10 -.16 EVSIK 1240 -58 | 

| Convtr ia74 -.16 Grawthp 7.98 -.18 

DvGtnt 1752 -Jfl! IncBaSP 7.97 


HomeF 27J7 * JK FLTHnp 959 —41' Divine P 949 -44- ToHttBt 958 -.15 1 Ws5#cs 948 -45 ! rt- fr Bd 

WdEdOr 1946 -J7. FLTFp 1155 -41 i hKGrp 1146 -,I6> TWRIC 959 . WWPtSn lOOT -.18 : imOcEa 

IndAAOtr 2350 -40 GATFp 11 J6 -41 ' LMGovp 9.16 -42! iHMJgBt 6.91 -JR M^xtrU fw9,jSS - JH NUi«A 

insurr WJQ -32 ! GtGvfecp 114 -47 SmCapSplAI3 -59 Kent Funds „ MSB Fan 1741 -.10 fTM 

Laisrr 3951 -43, ObHIrtip 1140 -50 iWaUMariiFwals: EstEqins 1252 -51 MadtanpeGne VWEa 

MedDWr22JR -47' dump 1256 -.12 . Batancen 9.91 -.12,' FxdMns 9 J9 — JR AeBGv^P ,?4P -42 NSW 
NtfGasr 957 — .10 Goldp lp4 -.16. Bdndn 10.07 -J»! [dxEntn 1153 -53 AmarFdpll* -3T NahoraF 
Paoerr 3048 -89, Growth p 1 &25 -S' GovtBdn 944 -JR' lnte3is 143-49 CAMunp9.9B -.04 , A^tW 

PrecMfil r1£L03 -.18, HYTFp 1040 *41! Growth n 10.13 -54' LtMottns 954 — JH CBWfla 1046 -.W i AdfRTp 

ReoBnkr woo -5? HiMuBdoloSS -.03' iticGrn 1059 -Jl. M«rren loos -41 Rx.mcp .** »» 


1059 - 44 
1450 -52 


MedDWrZ2JQ -47'. dump 1256 -.12. 
NotGasr 957 -.10! Goldp Tp4 -.16. 
Paoerr 3058 *8? Growth p 1125 -56' 


IncBoSP 7.97 . TetecomraLB -50 

Indpp 1148 -JR Tronsr 9242 -57 
MunBO 959 -45 UtSr 3556 —44 
STTsvp 5647 -J0a Ptdeny Spartan: 
SpcEgtP 7.85 -55 AarNlgnn 9JS -42 
TrtcGvl 1055 -41 CAHYm 10.11 -JB 


Paper r 3058 -89,' Growth 
PrecMfHr 18.03 -.18, HYTFi 
RfiOBhlcr 1940 -52' H1MU& 
Retail r 25J5 -53 ; ITOJSer 
Saftwrr 2450-149' INTFn 
Tectir 4050-149- Inst A/8 
Tdecomr3852 -50! insTFp 
Trpnsr 93JH -57! NVlntrr 
UtSr 3556 —44 . lntlEq p 
UeBv Seartan: KY#i 


rowthp 1125 -56' G 
T TFd 1040 * 41 : G 
IMuBd 01056 -.03' in 
tcoserp 254 -41 1 in 
JTFp 11J1 -42 I HOI 
istAd 95S -JH i Her 


n 10.W -42- M t^n 11^ 

n 10.13 -54 • LtMaltns 954 -^JE 
1058 -Jl , MOdTEln 1003 —41 
1251 - .13 , WUMufrri 948—42 
r 1118 -53 ■ VaEqtn 1043 -ITS 

'A 12.93 - 57 ; KwttOBB „ 

dnSJM -41 1 CusBl lx 145? —43 


JH BrinsGIBf 9.62 -JW HlthSci 1055 -M Edtoear 
JR NU5EWV 1047 -.11 HilnCDP 9.83 .. EdfeSd 

JllBmdvwnn 2448 -47 HiYWx 65* -46 EmertSd 
JO I BmdyBin 17JM -51 MuAZl 10.11 -JB BailnM 
50 1 Bruce n 9746 — .15 1 IntSmCt 9.99 —JH EmEat 
.14 Bnmd^in 1054 - 42| Wtmdt 949-41 Efllnstt 
.15 ‘Bua&SearGp: UdMuni 943 - 46 FLTxB 


dhlncno/SJ* —.07 — _.. .. 

GahBnvml6ja -59 MUFLt 1054-42 
G0WtSecnpl643 -42 MU I'Ll t 10,19 *.02 
Mulncp 1588 - JB MuOHp 1051 -JB 


1057 - 44 Tradliwp 7.01 -.11 
9JJ1 -JR TrwJTotiP 7.78 — ,03 ! 
1055 -45 EdtoEan 13.13 -55 

9.83 .. Etik-nd 18,92 * JO 

644 —46 EmeraW Fuads: 

10.11 -JB Baiinun 10.17 -.12 
9.99 -JH EmEat 1145 -.18 
949 -41 Eain5t n 11 JO -.18 
943 - 44 FLTxEA 1043 -JB 
ai? * 0! FLT xEl n 1043 -.04 
054 -42 MflcBOIIl 988 -.03 
0.19 *.02 SmCCPln 9.80 *.16 
051 -JB USGavA 1005 -JB 
057 -43 USGovin 10JM -43 
1142 -JB EmpBIO 17J6 -42 

II Jd -.17 Endow 1755 *50 


CTHYnr 1057 -JR 
CAintrmn 949 -41 
FLMum 10L53 -JR 
GNMAn 941 -JR 
Gavin n 9.96 -JB 
Hiohinm 1141 -41 


insTFp H.9 8 -41 iHarmMSdnSJJ* -41 1 CusBl ti 
NYlntmlTV1H7 - JO ! HamstdVT 1551 -56 CusBSl 
IntlEqp HO - JB ; HorpcMnn 71JB -M CusB4fi 
KYTjp 1057 -JH IHuiirCapllOl *.l7 QjsKlt 
UATFp 1148 -JR ,HummerlnOt73 -.03' CusK2t 
MDTFO 1088 -JR HunmrG 22JH -50. CU551 1 
MossTFpllja -E HypSD 8JB-.01, ObS 3T 
MIChTF p 1159 * JH 1 HyoSD2 9.14—41' CusS4t 


CusBl tx 1459—43 
CusffiM 1553 -JR 
CusB4tx 451 —.11 
QaKlt 983 -.15 1 
Custat 858 +51 1 


MOTFp 1146 -M ;IAI Funds 
NJTF 1151 -42 1 Bahmpn 10.11 +.11 


NYlnsp 1058 


ReEstCp 957 . CBSRIIvn 334* — JM 

TEHiYAp1084 -JR GGM Funds: „ 


TEH1YBP1044 - JB I 
TpxE^I A p 1 1 49 -.03 
TxEIBp 11 JR -43 
TXMSAp 982 *.05 | 
Uhl An a.sa *JC 


AmcrTF 9JQ *42 
CopOevn25J« -44 I 
FxOIncn 1043 *47 
Mufln 2750 - 52 
Realty n 9.81 _in 


9.28 -41 1 American Funds 


BJ9 -JR Calmasp 13JH 


CaOAggGf 81.9B -4? 


MuitPAt 1057 -43 USGov 
NYTxFt 1142 -JB EmpBIO 
Ntftst 1154 -.17 | Endow 
PooGrt 2150 — .13 i Entarpri 
PrtMl 1fl54 -.12 CODAD 
Premier p 883 - 41 GvSeci 
SelMup 11.91 *JH Gw!hn 
ManagedtKLM . Grme e 
STBd 9.58 -41 HYBdl 
STUSp 948 -JR InUGrt 
Strait 1457 - 55 SmCo 
TaxEx 1142 - JB TE Inc 


IntMun 942 - 42' NY Tax p 1148 *43 ! 
Irrv&rBa n 9.70 -JR; NC TFp 1141 -JR| 
LtdGv 9J9 -JR ' OiuolTF pll.91 +JH , 
LTGn lojB *B> OftTFp 1152 +«i 
MB Mum 942 -43- R0CGrwmifi47 -44 
MurUnr 104* *41, PA TFP 1019 -41 
NJHYr 1059 -JM: Prerr«tP 655 *J»! 
NY HY m 1058 -JO : PR TFp 1155 *41 j 
NYlntern 943 -JD ! SIGav iai6 -JR 


onx 849— JR; 


CodAd p 3153 -.73 
Gvsecp 11.11 *44 I 


muiHiii hum -411 1 r« irn >U<‘ » -«wi ■ Hifuuwii i< 

NJHYr 1059 -Jtt : PrerrAtp 655 *J»! Region np2 
NY HY m 1058 *JB; PR TFp 1155 *411 Rewpnx 
NYlntern 942 -JB • SIGav iai6 + JH Vafeen 1 

PAHYrrt 1051 *41| SmCaoGr W.78 *49 DEXCrauK . 

Shtlncn 955 - 45 TAGavp 10J» -41 I l«x 1856 -43; ImdAx 

SlntGvn 944-41 TX0/MY p 854 —41 1 2SSbA p 16JJ3 — m I Omega 

ShllnMun.943 -42! TX TF 0 1155 *41 | 2GUHCP 1545 ^4*1 PtxA 


rG 22JH -50. CU551 1 23.12 *47 
I 885 -.01 , Q«S3r TJ4 -.19 
a 9.14 —41 ' CusSdl 742 +56 
■ ST! lAATrGr 1498 *50 ■ inti 1 759 *81 

“ nds ■ KPMI 2359 *40 

npn 10.11 +.11 TxETrt 1059 +41 
I onx 849 —42; Taxfrt 747 -JO 
Grpnl449 *89 fKaysfwWAnwAj 
trot 944-411 Aulncpf 955 +.13 
;p 1363 -50l CAPtF 942 -41 
In 1U2 — .11 ; Bn Ax 1256 +.14 
dx 9.09 -JR I FlXA 18,26 +41 
gpnU.19 +491 FOAA lfij2 +.16 
vi np 2056 -42 1 QOA 19.18 +52 
/ pra 9.94 — m GvSAx 950—03 


W5K ns 

742 +56 GrtnAp 


2359 *80 IQS® 2958 - 
1059 +41 MmStav Rmde 
747 -JR I CaABt 19.97 * 


»n 1050 *.18; IrafcEq 450 -52 
rtf nx 9 40 —41 I NWttA J7J -.12 
In 1741 -.101 STBd #56 -M 

nr# 

dobd 1280 -.16 BotTAh 1082 *45 
LttfMua 10J» -J1S CpGTAn 1183 +56 
NY Mono 988 -JM CBGrhip 11^ *48 
NotMup 989 -44 DWNt 9.M -JO 
N Amarp Lit -47 OMTAn ,941 *42 

jo EolndN 1 114& -4# 
3 956 — 83 EqVHA 1146 

i us + sS BGi is 


i M «3 :#] 

PRARrtVn 957 +JH 

MBUff 


946 -.13i' FWWM 10' 


Grincp 1343 -50! CAP1F 942 -41 

Inffidn llfi-.ll; Bn Ax 1256 +.14 

InsTBdx 9.09 -JR I FlXA 1946 +41 
Mldcopnu.19 +591 FOAA lofi +.16 
Region np 20.76 -.42 1 QOA 19.18 +52 
Resrvpnx 9.94 — %02 1 GvSAx 94D — 43 
Value n 11.18 -40 ; HrEGA 2056 + 1.18 
TEX Grouts HrtGrA 2145 +44 

]8& 1846-83; ImdAx 849 -vW 

2S&AP lira —m I Omega 1176 —.17 


881 -49 FTdtCflPn 19.19 -49 1 USGOVP 642 -JO 


SS&:SS :fls txfa 


Grincp 1849 +59 SSWidlStnteh UliSliesp B M +49 1 2GfwCp17J4 *40 

HYBdp 1143 -41 Etiroeq 31.94 -58 , VATF p 1155 +JBI 2TaxEx 1142 -43’ 
liticrp lT^W— 41 Pocasn 39.94 —88; FmnMnModjR „| 2lnePIAp 9.91 *JR|I 


NtRsGaldiULM +54 
T>@r 943 -JH 
Total I 1557 +56 
Volt 16JJ8+53 

SpBin 38.70 +45 

mcEgnx 2BJ5 +80 

ShoriGvnl744 


957 .. AmBfilp 1254 -.IS CATFln 1050 - 42 

757 .1 Amcpp 1258 + 51 I CnHomta Trust 

1133— .12; AmMutlp72.1I +5* [ Callncn 12.10 -.03 
9.9* -.01 BondFdP 1353 -JlSf CnlUSn 1056 +.03 

8.13 -4tl COPlnBI S33J0 -AS1 »PHJ0n 1155 +56 

9J1 -46; CcoWId p 1552 -41 5&PMId 1317 -45 


1182 -43 TEWCP 13*1 +.„ 
USGvtt 848 -JB Evgrgrwi Fundc 
Uliln 13JM *J» Evrgmn 1497 *51 
VaiAdt 2060 *45 Found n 1100 -.16 
WWIncx 858 . G taRen 1190 +.03 

WldWdl 1953 +.12 Grolncn 1652 - 58 
TCBolp 9.67 + .16 LtdMWn 7155 - j® 
TCCort 1257 +52 MutlCAn IM8 +41 
TCIncp 10.16 +.08 MuraFn 1050 -JR 
TC Lall 13.89 -.18 MuniNaTn 9.97 -JB 
TOtaf px 9.11 — JM Retire n 1153 +.13 


589 -.10 Smca 


TeCT p 10 JO - .03 
TF Irrt 1046 - JB 


1286 - JR I Govt 


CopWGr 1853 -52 Cahnst Group: 
Eupacp 2249 — JM And 78. 1 
FrSnvp 1888 +59 ArielAp TK 


ValuBi 2150 -M 


Valu P 72 Qi 

y/eingp I7A3 
AMF Funds* 

AdiMtg 9.83 


7201 -M 
1743 -At 


> Govt □ 111* +.01 

| GwthFd p 2743 +81 
I Hi Trst o 14.03 +.10 
; IncoFdp 1341 +.14 
I IntBdp 1135 - .02 
InvCoAp 1953 + 33 


And 38.91 +88 TC Lai I 13.89 -.18 

ArielAp 2257 -86 TOtorfpx 9.11 — JM 

GtobEa 18.41 -.05 TCSCet_9.10 +55 
Incox 1649 —.05 BdGnXmtl: 

MBCAI 10.18 _ Decll 16J0 +54 

Munlntx HUM —.02 Detwrl 18JM -57 

SacWlp 29.42 +55 DfcPl 2549 +.73 


Smca 1183 +.14 GorpduW P2343— 45 Idexl USB +55 
TxFS 10,14 -41 lnvGradep848 -JB; 2FlxtnAP 6.96 +J» 


Evrgmn 1A97 -51 
Found n 1X00 -.it 
GtORen 1190 +.03 
Grolncn 1652 - 58 
LtdMktn 7155 -M 
MunCAn 1048 +41 


FWHorGvl 10.40 -ja| RisOivp 1491 +.17 j IDS Group: 
Fin HorMur KU3 +48 FnaWSn Tempt BIuCpp 


1XD0 -.)& First Amer Fds A: [ GermGvt PI246 — 50 j Bongp sM 

1190 +.03 AstAIIPK 1088 +.13 d06Qjrpl3W +41 CATEP 5,18 

1652 -58 Baton p lOJP +.11 1 HanSrpl383— .14 DElp 755 

7155 -M Enufryp 1648 -40; HHncCurpll52— 47 fflsatvp 1146 

iM +41 Eaidxp 1140 -j* Fremont EaultPlp 1052 


MuraFn 1050 -.01 Fxdlncpxl0J3 — 44! Bondn 9^ +41 
MuniNcf n 9.97 -JB lntGvBdnx9J» — JR | datxrin 132 +46 


Irt’JWrgn 9.U -41 LIQTEBd 1447 + 04 
InriLiqn 7083 . 1 Nw6corpl552 +.16 

MfgSccn 1043 - 02' HewPwp 15.75 -.13 
ARK Funds: < Smc:pAr p 23.M +56 

CopGrn 7031 - 5t < Tth,E\Titpl 142 -JO 
Gnncon 1070 -.11 . T\E<CApl5JB - JW 
Income 987 -.07) T>ExMOp 7A95 + 05 
ASM Fin 9.97 -50] TyExVA PI542 - JM 
A VEST A: )VshMut plB.13 *59 

Balanced 1741 -55 lAmGwTh 981 +.06 
Eut.ro 18.37 - 42 lAHeritgn 1.08 +.D) 
Eaincom 1883 - 52 Amer NdJ Puwte: 


SocBdx 1580—42 DWiI 

SocEq 2183 - 43 TsvRsJ 

TvFLidnxl08«— JR Delaware 
TyFLngxlA24 — JB Trend p 
TxF VT x 1547 —.01 Value P 

usGovx 1401 DetasF 


55 TatRtn 1882 + 55' 
ExcelMidas 381 +46 
J* Excebtor butt 
57 Balanced 73) +.10 
.73 EnGrowth 780 -.19 
•JB _Eq Index 759 +.14 


ntlnc px 986 —42 > 
BtTxpx 10.40 — JR 1 
ntlp 1055 —47; 


955 + 41 ExImrHi P 754 —41 


Trendp G uS -59 FBL Series: 
value p 2017 -52 BIChip r 19.18 +48 

Deleap p 2585 -J2 Growtnt 13JM -.12 

Decln o 1489 + 53 HIGtBdt 1045 

DrcTR p 1114 +5B HlYBdt 9.94—43 

Delowp 1854 +57 Mangdt 1185 * JK 

intlEao 1259 + JM FFB Lexicon: 
OdChAp 634 —43 CopApp 11J9 *56 

USGovtp 7.92 - Fxdln 9.95 -42 

TVecsA p 956 -41 InIGv 9.95 +42 

TxUSAp 1243 +.01 SeSVo&jeplll* +50 

Txln&Ap 1141 +JB SmC0Grnl153 +55 


MtgSecpx 9.BO —41 
RegEap 1289 +57 
Stack P 1749 +59 
First Amor FdsC- 


9.86 —42 PantfTrust: 


Growth n 115S +5* 
Inlfcrn 9.64 — JM 
CAInt 1080 +JJ3 


P 755 +JP OmeggBtei582- 
(JVB 1146 +59 FTxrat 1085 
tPIplOJT? -56 gig' 756 - 
Inp AID _ TxFBtx 983 - 
nep *47 +41 KevstaoeAmarC: 
BdP 5J2 -41 1 GtCteCr WM ■ 


"apt 1587 +.15 
IrT 1455 +.13 


FAM Vsri n 20J2 +56 AslAIInx 10J7 +.12! 
fhl Series Bat(xicenxi04a +.11 

Btaupr 19.18 +48 Eqldxn 1098 +5* I 


Income 1S46 +.04 
Accessor Funds: 
IntFxInn 1181 -JM 


T*EicCAp 155B -JM Camhndne Fds 
T> ExMQ pi 455 + 45 CaoGrA 15.12 +54 

TxExVApli43 -JM GvtnA 12.93 +JB 

)V5hMutPl8.13 *59 GwtflA 15.12 +41 

__ VnGwTh 981 +.06 IncGrA 1583 + 23 

18.37 -42 |AHeritQn 1.08 +.01 MuIncA 1487 +.05 

1883 -52 Amer NdJ Funds: CapGrB I 1544 - 54 

1546 -.04 Growth 2.40 *47 GvInBl 12.94 + JB 

Income 21 J6 +58 GwthBI 1A97 +41 ; 


Acciw»tfl 11.75 -JH I API Gront 1X65 +.18 
StilfntFx 11.93 -.03 lAmPoriOrm: 


Acomln 1640 
AcmFd 1380 -.11 
AdsnCap 2087 -57 
AdvCBalp 1852 +.»7 


IncOrB I 1583 + 53 TxIntAP 1029 
MuincBt 1489 -JB TxPoAp 831 
COpMkidx n 1 1 54 + 54 D el P ool e d Trust 


Groin pf 16.14 +.13 
hioopf 9J7 +JU2 
6todTRpni50 +45 
=unda mental Funde 
CAMunnpSJB +JB 


CtoBdP 5J2 —41 
GfeGrp 7.03 + 0* 
Growth P 1888 +81 
HiYUTEp 446 +41 

IIWTgp 540 +42 

map MUM +43 
MadftP 11.98 +58 
Massp 558 +4) 
lUOchp 5«l +41 
MNTEP 819 -41 


Omega 1176 —.17 ScEan 38J0 +J5 
PtxA 11.02 +42 KcEgnx 2BJ5 +40 
StCAx 783— JE ShortGvn 1754 
TxFA x 987 -JJl MMIa inx 1S85 -44 
Wri/BA 888 +JQ ffi Band X 1$B — J3 
OystoneAmerB: ObOmohm +57 

CFRQt 985 _ Bondnx 2051 +45 , 

FtxBt 1051 . IntjEa n 3 857. +.15 

FQABt 1057 +.16 Mariner Funds: 

’IS JS <18 :S 

tmOBBr 840—41 STFxInC 986 +41 
OmeggBtel582— T7 TREn , 12J1 +53 
FTxrat HLM +42 Mark Twain Fdc 

756 -42 Equity 1054 +54 
TxFBtx 983 —42 Fxdlncm 984 +41 
MstoaeAmerC: Muni 1042+43 

GtOaCt 1944 642 fAlrtcdWctfch Fdt; .. 


29^ — JM ; GAITAn 1046 +JO 
293 — JM I GvfTAn 984 
UndK GvtINI 984 _ 

19.97 *53 InMuTAn 953 +.03 
1247 -.19 JntEqmt 1283^10 
754 +.02 lntEaTAnl2J6 —.ID 
14 jO +5t mSTAh 9.98 
1189 +.11 M5(|P 1085 +43 

» +JC MD1TA 1083 +J13 
+54 MBSTAn MO +41 
953 -JH AMnTA 1085 +^ 
1557 +56 MurtfAp 1085 +43 
1&M-+S SKJvtAp 4JQ . 
r undt sgvo A03 . 

2589 +83 SJGvTAn 443 - 

3850 + 55 5TtnTAn 985^ +87T 
2855 +80 5TM(!TAnp9A9+4T 
1754 _ STTnlNt 985 +JT1 


+^ t ew 

+55 SreM ltli -M PrmpM 

• 55 USGv - 9J8 +JJJ Pt^TOft 

APfBSW 1006 +JJ1 Fnvfav 

+ 81 EqVOl 1286 +56 SfriCffl? 

+50 GgvInCD 9 JO >43 PrudSPci 

+ 5B STCAn 1040 +41 haM 

+ 3> Pome Webber; Enrip 

+53 ASStAp 1089 *53 OctX^l 

ATLAp 16.16 *Jff f*RA 

*M Blurt p 1487 -52 nStS. 


-.se; S 

+4? 




n %% 

^+ + .1f 


1W+81 

IXT95S-58 


tt MsbJM ; 

+50 Eqlncnp M25 +.H ij 

:s I 

CapArP i3-oo tjf , 

iW :| ^Trust 453 +Jtf| 

+S antunc 2640 

+.13 




i£t£ n In +05 

« - ja1 

a :% SSi*-!* 


P"S2:S 

“ffigJf! 

& -las+ffi; 


SSU| : f 

0 10 49 *49 


Mill 






CDITAp 1089 +42 

■ DvGrAp 2055 +57i 
EutGtAp 9.14 —11 
ra&iAt 1150 +J0S 
GpnA'p 10JN +42 
Sgiap 1143+41 
GritVAp 20JT+81 
HlInAP 751 — JB 
lnwGAp 988 +jK 
MHmAP 10.11 
NTnxAp 1153 +» 
NYTXAP 1053 +43 
RcflFAp 1883 +.13 
STGvtA p 221 



w . ,8 WBSS :* 


m c A & :fl «f p - iff 
ms, 

MlSqn 3M7.+.15 Vqluelnl 1352 +57 BlwBt 14.13 +50 


98S +41 
1052 , 

1058 +.lZ 
981 —42 
880 - Si 

983 —vIC 


Vduetat 1352 * 57 
VchnlAPl3J5 +57 
VduaTA 1355 +2P 
VAlTAn 1086 +43 
V AI IAP +43 

NIBond 858 +42 
NatnFd' 1684 +8T 
NtOwtti 1159 +53 
TJCFret 9 30 +45 
UKMnr 982 +43 

[nW+51 


t 1089 +41 
it 1256 + 58 
9 941 +.18 


wm 

■Ap 1351 
An 1386 


SOVtA 988 


882 +42 
253 +J1 


vSSffiftffl *« 

Vdindp ii.n +49 .aggB 


dp 1190 +■»' 

SSHSS' 


■ W81 *41 ' wnBnmp'w, +~ 
IUM.U +80 


'em ™ *i 


tflYwn ;|s -s ..ugffljfi ? 

£K 


MPWi 

iwwm 958 — JK! 

ejsf US :® 


IntGvBd nx9.07 — JJl USGovn 185 — JH 
Intincnx 986 —JR Funds IV: 

InlTxFr nxl(L40 — JR AsSIkAS 1040 

intlinsrn iojs — jb iBdtns iojn 

DdctlAp 6.34 —43 CopApp 11JR +56 Udine nx 946 —JR SikAoS 1040 

USGovtp 7.92 _ Fxdln 9.95 +JQ MtgSecnx 940 — .01 GAM Funds: 

TtcosAp 956 -.01 InIGv 9.95 * JR RegEalnTU? +57 Global 13386— 1JD 

TXUSAP 13JQ +.01 SelValoepIll* +3} SpeSqn 1648 + 80 indt 19141—145 

TxtnsAp 1141 +43 SmCOGrnllJ3 +45 Stedcn 1748 + 49 Pq^QS 19781 — JM 

TxIntAP 1059 +43 FFBEq 1088 + 56 Fbst Altwr MuH A: GGEDfun S&5: 

TxPoAp U1 * JR FFBNJ 1083 +41 DivrGrp 9.19 +52 DiversM nl454 +48 

O-Pooled Trust: 1 FFTW Funds: EqbKOP 957 +.14 Glotxtfn 1787 +45 

DefEq 1123 -55 US Short 9.93 - Manglncpx984— 45 Income n 11JJ1 +41 

GtoFix 980 -.03 ww Fxdln 982 + 41 Rnl toner Mull d 5&SLnania.93 +41 

trrtlED 1355 +J» WWSJiTm 9.92 . KvrGwlh n951 +50 S85PMnJ781 +42 

ilmensiaaai Fds: FMB Fuads: Eqtylnco n 9,77 +.14 TaxEx 115? +JH 

Inavtdn 1088 — J# DivECp 1147 +56 LWTerm nx9.97 — 82 Trusts n 3479 +41 

USLra 1457 -41 DivE I 1147 + 56 Mngdinco r»S4 — JH GE Funds; 

USSrnl 884 +.12 IntGCp 9.94 +42 FstBosIG 952 +43 HjdncC 1183 

US 6-10 n 1188 +50 IntGL 9.S4 -Ml FstEafllnr 1589 *42 GtabftfC 1988 +46 

Japan n 78.0? —.76 MiTFp 1033 +JB FnJFcE 1144 +56 lncom«Cnll83 +42 

UK n 2486 —44 MiTFI 1043 +.03 FrstFdTctt 987 +42 lntE«3n 1583 — .06 

Contn 1579 —.19 FPAFunds.- FtHwMu 1077 -JH StrcraC 1558 +.17 

DFAR1ES7TO.59 - .06 Cecil 3041 +56 First Investor: „ USEqDn 1689 +55 


MNTEp 5.19 -41 IGdder Group: 

G Mutip 1244 +.17 ARM Gv A 11.83 
- NYTEp 5.16 +41 ARMInstA 11.99 


AduCRdp ?87 -41 AmUtIFd n 2081 +51 
Ailvest Advant: AmwvMut 786 + 52 

Gavlnp 941 -.02 AnalyTShTGv9 73 
Gwfhnp 16.99 -43 Ardvficn 1242 +.19 
HYBdp B7U -41 AnchCap 7041 +.17 
Inca no 12.4J -47 AnmmGr npH41 +51 
MuBdNcrt 956 'JM Aauiki Funds: 

Sod no 20.21 -83 AZ TF 1077 +JR 
Srratlne 12.15 -JH COTF HL20 
Aetna Advisor: HI TF 11.17 *42 

Aemai ifl.71 +.13 KY TF 1046 - 41 
Bondi 979 + 43 NrgnstTF 985 +43 
Grtnccm 11 1.16 +53 OR TF 1056 +42 
InftGrl 1187-47 TxFUT 984 +42 
TaxFree 946 +JB Aquinas Fund: 

Aetna Select: Balance n 9.77 +.13 

Aetna (1 10.73 +.13 Ealncn 9.99 +.12 


Bond 943 +41 Cappietto Rushmorc 
EcxXIy 11.87 +40 EmoGrn 1077 +50 
IntBri 1052 +.02 Grwttl 1149 +.19 
IntmTxF 1049 * 44 CappieiUtl 840 
AmUtIFd n 2081 +51 Capstone Group: 
AmwyMut 786 + 52 rtrrrdSW 1544 + 50 
AndrtShTGv9 73 _ Gvtlnc 444 +.« 

And men 1242 +.19 MedRs 1853 +43 
AnchCap MJ31 +.17 NZkmd 1046 +48 
AiehmGrnpll41 +51 NJmcn 8.12 —.13 
Aflllita Funds: uTfrond 1354 +41 

Az TF 1057 +JR CokE Hi Family: 
COTF 1050 . AgaGIh 972 +54 

HI IT 11.17+42 BafetCKd 10.10 +.19 
KY TF 1046 - 41 Funa 1111 +57 
NreretTF 985 +JU GovtOOUg 108 +41 
OR TF 1046 +JR CorHCa 1347 +JJ7 
TxFUT 984 + 42 CarnegOHTE98B +JJ1 
Aquinas Fund: Centum Funds: 

Balance n 9.77 +.13 EqGrwCn 975 + 56 


DefEq 1353 - 55 
GtoFix 988 -.03 
trrtlEo 1355 +48 
Dimensional Fds: 
inOVd n 1088 —46 
USLro 1457 -41 
USSrnl 884 +.12 
US 6-10 n 1188 +50 
Jcxian n 28.0? — 76 
UK n 2486 — JM 


Global n 1787 +45 
Income n 11.01 +41 
S88Lrainia93 +41 


rMutIC: SULimnlO.93 +41 

hn?51 +50 S88 PM n 3781 +42 

>n9.77 +.14 TaxEx 1159 + JJl 
111X9.97—42 Trusts n 34J9 +81 


-41 ^D b 1A« +46 

“ PnxF^SP 6.91 +j|? 

- Select p 846 +47 
Stock p 1945 +47 
43 StrAggt 1442 +47 
45 StrtEqt 986 +.16 
-JH Strlnct 6JU +41 
ShCTt 48 
48 arWGt 541 +42 
45 TEBndp 346 +JR 
-0 ^UMIncp 685 + 47 
41 ISI Funds: 


ARMfawtB1149 
AstAHS 1373 


AflB 1373 +40 
IMUA 12.14 +.12 
1MKJ8 (248 +.11 
fqBn 1688 + 43 
EnCn 1650 +fi 
EqA 1685 +43 


Flexlncm x?73 — 41 AMT I 
IriiFxin x 988 —JR Genes, 
VAMuBd~x974 —41 Guorcf 
Marquis Funds: Guanl 

GvtSecA 9J< +43 LWMa 
GthlnA 942 + JW Mari 
VatEaAP 984 +.17 AWST 
MnMFMldK NYCDI 

Bain 971 +.12 Partnro.. . 
Eqnc 953 +.15 SeiSetetn ; 
Gvtlnc n 95B +44 UttraBdn 
UitBdn 949 +43 NewAltE 
UitTxF 989 + 42 NewCnt 
MfdCapn 986 +55 Naif EDI 
ST Inc n 974 +41 AdUS 
Shade n 1041 +.17 Baton/ 
VotEqn .1048 +52 BdlneJ 


Srfit B.97 —.11 

Wt 1980 +80 
toSt 1140 +JH 
iBt 1GJM +42 

S t 1489 +42 
t 7J1 — 43 
GBt 9.98 +42 
ffrfit iaia +43 


caiMtii . 
EOutantx 
Eatacnt 


Genesis 8.18 .+ .13 NTaxet 1143 + 
GuardTrnll55 +52 NYTxBT 1043 + 

Suardrin 1949 +41 Regret 1846 + 
947 +41 


11.92 —.14 Mainers n 1485 —.01 
11^— vl5 MmaKFinas 
1345 +43 Equity ppf 1192 +.12 
ItS +41 Income f 10.17 ^-45 I 

' Louroalamsn +45 1 


GvtAr 1185 +43 Equity pnTl 
IntFlA 1182 +41 Incomef II 
KPEt 2443 +84 Laureataril 
SteMiBdA 10 l 96 +43 MadaSrttai 
SmCopA 1098 +84 MOMuMnll 


LtdMaln 947 +41 
Mariotn 1154 +52 
MUST 1084 +42 
NYCDCn 1034 +.18 
Port n mn 21.10 +81 

?SS^7S*+41 

BdonAp 12.14 +.17 
BdlncA 1150 +44 
CATEAp 781 +4J 
capGndpUJR *M 
QafaGAlriT.18 — JH 
GrOpA P 1249 +57 
GvScAp 18.83 - 

GwttSp 1081 +51 


las? +42 GRW3 .14.10 +.18 
771 — JB GfbGeflB 1*174 —51 
9.98 +42 GtoR9nt 1253 +.1« 
mm +JJ3 Gvtaiife X£t +42 
1153 + 43 Gvffcpn 9Ai +41 

I8S +S + ’> 

SmCbpBnoiz +.18 Ir^llB '7^—^ 
StIB 9JB — 41 InVtorB'nr 1250 +50 

S 881 +JB Muh® T357 —82 

•* em-iiTf. 

1543 +J» Strut® t 1380 +55 
1242 +56 MunAat ITS +44 
uomreep 951 +.17 NO * UA 949 +JB 
DvGPp 2055 +57 MuGat 11.17 +^ 

9.02 -*11 MunHYBH055 +JR 

m» +41 MuitsA 1072 +42 



1080r 13fi +^ 

it!SSx p iS :s 


i5S + " «■ 

943 +42 JJATFC 


»45 tffli 

aSS +JB2 i 


STGtAP g-ra 

Ssss M 


GK5ID TO40 +41 
NTxDp 1153 +JD 
GrihD 1984 +81 
GOnOt mu +42 


Munir I io_ 
+81 MuMdt 10J 
+42 MwMATllJ 
— JB MtlMnT 11 ' 
+42 MunMir-llI 
+ 43 MunlModnO. 


Rxdn 10153 +.15 Ntwfnc 
GSd 9084 +81 Pormm 
Govt n 1DI54 +52 Peren 
InIGv 10781 +53 Fofrmtn 
bltHBM 1248 —4? Fosdono 
LCoptnt 1197 — JM Federate 
Pad-fim 1784 —41 ArinSS 
USLgVal 1081 +51 Arm Tn 
USSmVal 1177 -.13 ExdiR 


Newfnc 1049 +.02 J BlChiDp 1546 +58 1 


Farmnl 1487 + 51 
Peren 2252 -52 
tfrmtn 2475 +43 


HxincC 1183 _ Indepem 

GtobtdC 1988 +46 Opport 
IncomeC nll.43 +JR SMGvl 
n 1583 — .06 TBBdi 
1548 +.17 TRGri 

S i 1689 +55 tnvResh 
1687 + 55 (nvserq 
1686 + 56 CapGd 


Muni an 1057 +J15 KMwfllmt: USGaVTn 943 +41 

NaAmp 954 + 45 mrrmBdnlQO _ USGvtlW 943 +41 

Trstp 986 + 42 ShTmGovn2JXI - ValEqltn 1254 +50 

ndOneGT 977 +42 Ta>£xmptn2J10 _ VoiEqTn 1254 +59 

mdepradanaiOv: Lan dmar k FUnS VAMuTn1Q84 +JM 


independence Cap: 
Opportp 11.12 +.17 
SMGvtp V85 +41 
TR BdP 980 
TRGrp 1187 +.17 
tovResh _ 471 +45 


Baiann 1445 +50 VaAhunl 1 1SU +44 

Equity n 1440 +56 MentGth 1354 +JD BcianBt 12JW +.17 Rrdw 

irrflncx 9 JO — JR Mentsrn U56 +50 CivGrBt 1442 + 57 Gtfg 

IntlEg 1289 _ MerperFdpUJIO +.12 fitfBjBt 1686-00 IntBd 

NYTFnpxl088— vOt MerSonn EJ2 +80 StorBp 1354 +5? LATF 

USGvnx 980 —42 MerrilLvndl A VUueB 8.13 -AT STQv 

Laurel bnreston AmerinA 9.19 +JJ7 r grw LtSA gj LM +50 Vc#q 


AsianGrn 9.12 — 43 | Fxincn 985 + JH NC TF n 9.97 *42 DaMQnc 
Bondn 979 -.03 lArth Funds: COnturnGP 941 +.19 Bdann 4757 +40 


Oavl 985 +.02 Bal 1000 

Growth 10.91 +59 EmGrth 1119 

Grwinco 11.18 -53 GovCorp 9.91 

inftGrn n./a —4/ Groinc 1132 

SmCoGr iai7 +.16 MoTF 11.10 

Atoer Funds: US Gov i tus 


+.11 CntrvShrn 2370 + 85 income n 1152 +Jw 

+82 ChCcnBC nil +49 Stock n 5676 + 1.43 

+41 CheSrth 1381 +56 DomSoctol 1281 +52 
+ 53 CHestnf 15085+341 Dreman Fands: 

+41 ChicMilwn14U4 +54 Conlm 1480 +52 

+ 41 ChubbGrtn 1641 -82 HIRIn 1678 + 71 


Growth I 2072 +61 Armstngn 9.16 +50 Chubb TR 1470 +55 
IncGrr 1138 -81 AltonlaGrplITO -.19 Clipper tl 5044 +.95 
McdCcGr 11116 +87 Atlas Funds SCSnl Funds: 

SmCOpI 2140 +.95 CAtosA 10JH +43 CcITF A 7.06 +.01 


ABanceCOK CaMuniA lOBS -JR ConTEA 

Afimcep 740 + 51 GvtSecA 949 + 43 FedSec 
Baton p 1161 +50 GruIncA 1448 + 57 FL TE ri 
Batons 1 14.18 +49 NaMwiiA 1086 +43 FundA 
BondAp 1111 +.14 BB&T Fuads Qb&tA 

Cressvinv 1046 +JM BaiTrn 9.99 +.08 GrwihAi 

CoBdBp 1110 + 14 GroincTnll8l +50 HTYkJA 

CpBdC p 1111 +.15 InlGovTn 989 + 41 IncomeA 
Count p 1774 -71 NOntTB n 947 -41 IrttGrA 
GlDGvlB p 9.13 +.13 SIGovTn 970 -41 MATXA 
SAP 1 188 + 47 BEAFunds Ml TEA 

rtAp 745 - 41 EMKE1 2485 —10 MNTEA 
/IBP 7.85 +41 mtlEq 2080 —47 NotResA 
rtCp 745 -.01 MuniBd 1543 + JB NY TEA 
llncp 258 -.06 ShtDurtat nA94 _ Oh TEA 
IhC 2141 -84 5hlDurtnvnA94 . SmSlkp 
thFp 25.01 -84 SaFxlnp 1546 +.11 StrtlncA 
net 2150 -84 USCFxJn IA74 +46 TxExAp 
ncBp 257 +46 BFMShDu n 974 +.01 TxInsAp 

nvfi 1179 -.17 BJBGlAp 1145 + JM USGrA 

aBldC 18.00 -.10 IBJBIEoAp 1181 . USGvA 

1A p 987 +.02 BNYHanwIOR UtOAP 

UuB 987 -.02 Ealnc 1146 -.18 CATE B 
WCp 987 -.02 1 intGovt 9J8 +42 CTTEB: 
AP 1877 —191 NY TE 9.96 -43 FedScBI 


InflrtA p 987 +.02 [ 
IrtsMuQ 987 -.02 
insMCp 987 -.02 1 
InttAp 1877 —191 

IntlC 1877 ‘ _ 

MrtsAp 042 +42 
MrtgBp 882 -JR 

AAtgTrA P 984 +41 
MIuTBp 984 -41 
MlgTrCp 984 +.01 
Mtoni 1.84 
AAMSAp E.01 -41 
MMSBt 841 -41 
A6CAAP 9.94 +.02 
MuCABD 9.94 - JR 
MuCACP 9.95 -43 


minftil Funds 
CaiTE A 7.06 +.01 
ConTEA 759 - 41 
FedSec 1057 +42 
FL TE a 774 
FundA 871 -.10 
Glb&jA 1267 +46 
GrwihAp 14LI3 +52 
HTYkJA 680 
IncomeA P615 +41 
IntGrA 1088 —07 
MATXA 789 + 41 
Ml TEA 644 +42 
MN TEA 743 +42 
NatResA 1245 + 52 
NY TE A 693+42 
Oh TEA 7.12 -43 
SmSIkp 17.94 +89 
StrtlncA 674 - 41 
TxExAp 1111 +.03 
TxtraAP 7.98 +41 
USGrA 1216 +52 
USGvA 682 +41 
UtOAP 1205 +45 


Conlm 1480 + 52 
Hffttn 1678 +71 
SmCpVal nll.65 +.13 
Dreyfus 

A Bondn 1190 +46 
Aprecra 1141 -53 
AssetAlnl299 +.19 
Baincd 1389 +.10 
CalTr n 1883 +43 
editor n 1114 +JB 
CTIntn 1102 +.04 
Dreyfus 1294 +53 
EdEIInd 1185 +.10 
FLtoln HID -JM 
GNMA np 1456 +.05 
GnCA 13.14 -.03 
GMBdp 1489 -.04 
GNYD 1987 - 45 
Grincn 1675 + 51 


tosdonon 1B40 *57 HiatiYdP A95 — 41 

ederated Funds Inconvp 349 - 

ArmSS Pfl 9.62 —41 InvGrdP 984 + JR 

Annin 9.62—01 USA no 1177 -58 

ExdiFdn 7179 *184 MATFp 1181 +42 

FtotlSn 1U5I -42 Ml TF p 12^0 +43 

FSTIIsn 172 +J11 NJTFp 1184 +42 

FGROn 7183 +50 NYT+Frp1451 

FHYTn 886 +41 PA TFp 1231 +43 

FITISn 9.90 +42 SpecBd 1158 

FIT SS P 9.90 +42 SpHfp 17.92 +83 

FsigtlSn 1050 _ TaxExptp 9JE -41 

FsightSS P10.X _ TotRetp 1143 +.18 

FSTn 2654 +87 Uffllncap 5.19 +41 

FSTISSp 872 + 41 VATFP 1218 +43 

GnmalSnlOJR +JB First Mut 840 +.15 

GnmaSp 1042 +43 Fint O + irXki: 

FlgtSSp 1051 +42 Equity nx 11.14 +.15 

iMTIS 1087 +43 Fxdtocnx 989 — JB 

MidCap 11.12 .2 SI Fxln nx 984 — 43 

MgdAgrn1Q47 +.11 FPDvAstP 1272 +.11 
MgdGIn 10.IB +46 FPlUVuBdollJM +43 
MgdGronl03» - 07 FiraJ Priority: 
Mgdlncn 1042 +JC EauitvTrnl074 -.16 

MaxCop 1209 +57 FxdlrvcTr 973 +JR 


GtoOlP 655 + 461 USEqA 1686 + 56 
Govt p 1043 + 43 GIThivst 
Groinc P 677 +.11 EaSocn 1946 +57 
HiatiYdP A95— 41 TFNatln 10.01 +42 
Incomeo 349 _ TxFrVA nlQJM +42 

InvGrdP 984 - 42 GTGtobOt 


1211 +JJ7 Laurel hivestur: 

1489 +50 CooAP 2950 +88 
986 +JM Itps p 1226 +41 


Amerp 1780 + 55 
Amerfi 1982 + 54 
EmMkt 1859 +.17 
EmMklB 1659 +.17 
Europe p 10.98 -45 
EuroB 1049 + 45 
GvtncA B.60 —.02 
GvIncS B.60 — 43 
GrlnCAP 618 +41 
GrlflCB 61B -JH 
HlICrB 1984 +87 
HltncBx 1283 +JM 
HHncAx 1254 +J!t<£ 
HlfhOrp 1986 +87 
I ntlp 1153 —JR 
InitB 11.13 -42 
Japan p 1217—17 
JaxxiGr873J» — 18 
LatAmG 2549 *49 
Lai AmGB 2575 +48 
Poof P 1483 —43 


ilnvBitur Funds Imp 13.90 +.03 

EaGrthA 1059 - AteBp 08B +43 

GNMA A 1046 . SpC rp 610 +.11 

IrtfSovA 10.02 _ TTBdp 174 +JR 

I PA Muni A1041 - Laurel TTust 

Ifemesn Bolnaan Ki.15 +.18 

Dynmp 1058 + 54 Irttmtn n 058 +JR 
EmgrthanlUl *51 S&P500n (U1 +53 

Etieravn 1056 +J» Slock n 883 +82 
Bwfmn 680 + 43 Lam rd Group: 

Europe n 1358 +50 Equity 1445 +81 
FfnSvcn 1547 +53 mtt& 384 +J» 
Gold n 581 +.14 intisC 156 +JM 
Growth np 555 +.11 SmCap S85 +50 
HBhScn 3459-1. OS SpEq 459 
KYIdnp 672 —.01 SiroYd 987 +JB 
todlnconpll74 +.17 LebenNY 781 +i)3 
totGovn 1215 +42 LeebPern 1085 + 47 
IfltIGrn 1787 — JB Legg Mason: 

Leisure n 2253 +81 AmerLdPl2l7 +52 
19 GWGovtp 949 —TO 
a Gvtindnp 753 *42 

11 FfiYldp 1443 

12 InvGrnp 988 +43 


MMcqpnll86 +53 


GwthOpn 1059 ... 

lnsMunnpl788 - 45 
Interm n T280 -43 
InterEqp 15.70 —41 
InvGNn 1483 + JM 
MAInfn 1295 -JM 
MA Tax n 1694 +.03 
MunBdn 1256 * JJ3 
NJIntn 1114 +.04 
NJMunn 1105 +JU 
NwLdr 3487 -89 
NYlTxno 11.19 +43 


ShrtTerm iai7 -.01 
USGavtn 987 +.01 
STMT SS Pill/ +41 
SBFAn 1688 - 52 


-ff! I First Uuton: 


CATEBI 7iJS +41 
CTTEB1 759 +41 




—.18 i Batnoa Group: 

, BondLn LSt +41 
+42 BondSn 9.72 -41 
+ JR EnterpJn 1748 -52 
+ .02 Entrpn 1687 -.15 
+41 Gwttm 1243 +50 
- 41 Inti 1749 —.16 
+ .01 Shadawn 9.89 +JW 
. TaxFrSn 1087 + 41 

-4i 5S£&n n i&»:S 

:3 UHSM-fgtS 


‘.13 FMe&fv Advfsor; 
‘45 EqPGR 29.19 
‘JB EqPIncA 1658 
-41 GSilResc 1783 
‘ JM GovUvA p 9.19 


BdTn 1241 +.19 
BdCIn 1240 +.18 
BalBp 1200 +.18 
FLMuniC 956 *Sn 


Poof P 1483 —43 , 
Pad® 1430 
siratApx itusr —m j 
SlriXB x 1087 —43 
Telecam 1770 +.16 
TeieB 1787 +.15 
Wktwp 1786 +.18 


PocBnS n 1640 —.19 
SeUncmnp6.1B +42 
9lTYBdP 9.45 +41 
TxFreenpl584 + 42 


‘49 GabeB Funds 


1450 —® Tech ft 2381 +88 

1047 —43 TotRtn T8J8 +.17 

1087 —43 USGevtnp7.07 +42 
1770 +.16 Ut3n 945 +.11 

1787 +.15 VolEq 18.14 +57 

1 786 + .1 8 1 InvTtGvtB t B.75 
1781 +.1B IlStMFdnp 1486 + 47 


AmerinA 9.1? +47 
AdlRAP 980 , 

AZMA 1055 +Ju 


HUneAp 953— til 
IntEqAP 1667 —10 
LknrmAMJU +42 
MassT A PT587 +JM 
StorAp 1355 +50 
TxExAp 758 *42 
VakieAp 617 +J6 
Bda«f 1249 +.17 
CiwGrBt 1442 + 57 

tts&s 

VaiueB 813 +.17 


NYTxDp 1056 +43 

M 

SmCapD 1051 +.18 MuNYt 189 +JM 

StiDp ?JB —01 ManOht 1151 +JM 

USGOp 60 +41 MuPat 1040 +43 

5 appsS 1444 +80 S&VCtB 157 +42 

gaaPfc USGvtUf 988 +41 

r IB :fi p^djq^ +JQ 

TF 1046 +42 A3S5n 1149 +.11 


MuNcr hjh +j 
MumJ t T07B +J 


BalA 1141 +52 Nchlln 2657 +56 
BasVIA 2385 +86 Wchtocn 3J5 - 

1?B ;s 

CaoFdA 2779 +58 BtdGlhB 1384 +59 


VaiueB 813 +.17 ST Gv 10JSH +41 i 
WwUSAp 1188 +50 VoS&l 1254 +54 
3Stol»&oa(B VdGr 1456+56 

Nfchoi n 5181 +83 Purkstone tat: 


CaoFdA 2779 +58 
a Consuttp 1352 —04 
12 CPffiA 770 +42 
a OnvGdA 1049 +43 
H CplTA lT% 

DevCcp 1688 —57 
II DrOQA 1681 —24 
19 EuroA 1655 +.10 
U FedSecAp9.40 +.03 
H FLMA 959 *42 
- FdFTA 1448 + 57 


CoraGthA1351 +56 
CoreGrlM1221 +56 
SreGrlnsf T27S + 54 
Emo&A I2J2 +54 
EmgGrB 12JJ4 +53 
ErraGrlnsii42 +52 


BrtCTicdnnji +.19 
Bondn 953 +JB 
Equity n 1658 +81 
GyrmcC 959 +jr 
FBYE qn K.<54 +53 


iflYEqn UX5J +53 AsiaAp 
Intcxs 1347 —19 AABdAt 
totGvtn 983 +JB2 AACnAp 
LMM1C 988 +42 AACfmAp i 
MIMnC ma) +44 BiGvAp 
MuBdC 105 +44 AZJE 
SmCopC 2240 +52 CATrtc 


Bqln 11.(7 +.11 
Gmsika 1259 +56 
Income T> 984 +42 
InttSJkn 1SJ5 —.04 
StMdXiT ll5 +55 
PutnaniPDPdsr . _ 
aSap--. 105T 

AmGvAp 853 +Si 
ASiaA P 1489 —20 
AABdAp 839 +49 


P 9.40 +.03 IncGrB USB t.16 
959 +42 WWGrB ISJM +46 
1448 +57 WWpr. 1582 +45 
1358 +.10 Nomura n 1832—53 


►.16 (Pnriatwielov A; 


9.18 +42 

1044 —41 
1150 +44 
1619 +58 

1045 +J34 
1247 +.14 


Morth Am Funds 
AstAUCpnllT? +.19 
QGrp 1540 +JM 
GrwfhCpnTOIl +59 
GrlncCpnllO? +54 
USGvTAp 983 +JR 


1247 +.14 USGvTAp 983 +42 SmCap 
1851 +51 NetovGrn 2540 +82 IPnmBaTn 


2381 +88 MCfTFp 1S7S +45 


PATFp I 
Spfnvnp 2 
TxFrlrt p I. 
TatRetnpl 
VcXTrnp 2 


383 +49 NetovTVn 942 +42 
972 + 41 Naritiern Funds 
11.93 —02 Fixlnn 940 +JR 


.16 BalA 1141 +.19 GPAT . -4187 +.12 

S BP iSi :s gsgftrfit d 

■53 Govttnc 959 +42 DvrtnAp 1172 +44 

HBq 1444 +53 EqjnAp-K896 +.17 

.19 IntGovt 983 +42 BlGrAP'128a — m, 

JM InttOiS . 1X40—19 Fwjnp 989 +43 
59 UdMat ' 988 +42 FLTxA. .843 +4} 

54 Ml Mu 1080 +JM GgoA p . 138? +.T9 

JR SmCCD 2T40 +41 GlGvAtCtfj380 +jJ5 

82 PramBaTn 1619 +.12 GIGrAp 945—01 
42 Pomauus 3X73 +87 GrinAp 1345 +78 


DMJGtn 20.18 + 53 
eSSopnXLBl +1.13 
EmMlclnc1141 +JI7 
GNMAn 1606 +JM 
raabln 2X15 +.17 
GtSmCo 16.14 +43 
GoKln 1282 +50 
Grwlncn 1803 +50' 

htfSdn 1146 +.15 ! 

SSS5 F,l Jffla8 

ShtxS iS +S 

pa Tax n 

PocOppSnl782— 42 
:MSGrn 162S.+3 

STBoqcinlijs _ 

srsnn iojn— 42 

TxOTYn 1187 +JM 
Vufuen 1352 +51 

.siSsaj 1 * 

AssafA 1348 +51 
- BCh . 18.U +JO 
Bond 1084 +49 
Security Fonds. 

Bond p 7.00 +42 
EtEuHv 589 +J2 
EqGlA 1146 +46 
Grtno 747 +.10 
TxS 988 +43 
'Ultra 676 +56 


I £' 

55ffl|3| 

B 1146. +. ra! 

So H:^l 


stSmer 11 .W-+ ' 

i I486 Vfij 

TxFr»i>Bl646 +83 
USGvBt 1633 -45 * 

QxJP 20788 +479 
ExFd 257.47 +S41 
14681 +xm - 
SCFM 13051 +258 3 . 


^ 1 i 

. ass* 959 +.12 

ShndnwnniM: 
Amtodn l@ - 
Assoc n - 70 +41 
invMfn l-li - - 
Oceanan 148 * JH 


IntraBrin- 888 +41 
intMtmn HAS +JR 

saaunu *88 « 

igjjiig if 

TUtoeTn-KM +^ 
Yngfttvn 1057 +.18 


II JM +46 Bctanax 1174. +.15 
■ 747 +.10 gJQlGfl nx?J5. +.11 

988 +43 GrEqpoc IJfi • 

676 +T6 totBOJC 9.94 — JB 
risltl . LMGovAn98S 

;twM78 +58 VatMomedi96 +41 


j* 

GepAp' ,1389 +.19 


Conut n 1180 +52 ' 
gSacn 1388 +,56.' 

Sr %% if > 

Trig n 

p?n nl §s:f- 

it: 

GNMAn 9-85 +-M. 
••ITCorpn 9^ ,+43 
iVfsrYn 983-++4I-' 
LTCtortin 844 +43 » 

HYCorp n 7.37 +41 . 

Pnndn 877 +-®- 
idxTotBn 984 +.02 

.wt: s:*; 

ESS&n %% XM* 

^n n i?f :|r 
rap | :fi 

^NWTItf286 +^>. 
IdxEurn 128S +53 - 

SSSSSStS' 

JUffifn-SrS’ 


_ NY Tax n 1S41 -JM 


HiYldApnll77 +4S 

ES&aHI :S 

LtdTBRA 1052 *41 
LKJTEI 9.97 +.02 


HiGdTFBDlOT? +JW Asset np 2385 + 561 
HIGdTFC T1052 +JM ConvSc nn 1 1 89 +.11 


.iBlbteiFdnp i486 + 47 Lehman Brothers 
JPMInstt: FHJtGvA 9.94 +41 

.15 1 Bondn 984 + 42 SNGrStB t UCifi +58 


MUMuA 978 +43 GrEqn 1084 +50 GrowthA 13.96 +J9 HY AdATTVAT 

MNAAuA 1057 +35 fncEqn HUM +.12 NRySO T78B +52 tocmAp 886 

LctAmA 1846 +55 InlTaxExn 1041 +41 FtoxWortdnT383 +49 invAp 6M 


HYSecBI 680 


^ -43 Diversan 1257 -49 

Alirfflp 991 +.03 IndEqn 622—04 

MuOHCtf 952 -43 toll Fin 846 -42 

MuNJBp 959 -43 Bawd Funds 
MUNJCP 959 +.03 Adjtoc 9.14-41 
MNYA 958 +.01 BKliiPO 1983 + 81 
MuNYBo ?58 -.01 CapDevp 23.17 +86 
MuNYCF 9.M +JH BT: 

MuPAB 958 . InstAstM n 9.73 +.12 

NMuAd 9.91 +43 IratfEoixn 10.90 +54 
NOMuC p ?.J[ - .03 IrtVlntTF n 10.06 +.03 
NEurAp 11® -.07 InvEaApp n979 + 56 
NEurBn 1X74 -47 lnvlntEqnlA.17 — JR 
NACvA 8 56 +41 InvLGvtn 9.77 _| 

NAGyBo 856 _ nvUliln 989 +.05 

NAGvC 655 .. InvEatxn 1045 - 54 

PrGrttiA pi 753 +83 BarwiAgn 2X19 +43 
Pitjrrhe P1272 -.43 Bariltft Funds 
Ouh-Ap 2255 -54 Base VI n 15.85 
STANap 673 -42 Fixedl n 9.77 
STAIUbl 873 + 02 5htTmBfln943 
Techp 2699+151 Vllrtfl _ 1X00 


NYT£ p 17.71 » 07 
Reaplndt 1682 ‘56 
PeoMidml753 <55 
ShlnGvn 1045 
STIncpn 11.90 >41 
ShlnTp 1X96 ‘ 01 
Thdcmrn 601 - .17 
USTInt 1X64 - JR 
USTLng 1X99 -41 
USTShn 15.00 - .01 

DreyfUsCwnstOdc 

_pKwg.x9:li _:!? 


MnBdTn 984 +43 
NCMunCt 980 -.05 
USGvtBp 957 *42 
USGvtCr 957 >42 
UlililyC I 957 +43 
VaiueB p 1853 * 59 
VatoeCIn 1621 >58 
VctfueTn 1853 +59 


42 LldTEI 9.97 +.02 VcdueCto 1621 

JM OvseaP 1412 —.10 vcaueTn 1853 

07 ST R p 946 >43 Flag Investors: 
56 StroKJpAp26l9 +46 EmGthplXOS 

55 FxteStv Instifut: to (top 1040 

. EqPGIn 39J1 +86 IntTrp 1619 

41 EqPlln 1649 1 56 MMunip 1057 


.03 Eqlncp 11.71 +.18 

.05 GllntCPn 1088 +.13 

42 GlConvn 1080 *43 

42 GfTelp 1058 >.12 

.03 Growth noZT.95 +82 

59 SmCapG 17.13 +51 

58 Value d 1X29 ‘.IS 

59 Galaxy Funds 


Bondn 984 + 42 SelGrSIB 1 1050 +58 MNntlA 10.17 + 

DiversildnlOTS + .12 SKXxGvA 9.94 . NJMA 10219 + 

EmaMkEdKB — JB LerinstoaGra: NYMnA 11.11 + 

totlEqtyn 10J74 -49 CnvSeCn 1147 +.19 PocA 2192 - 

ST Bondn 989 +JR CLdr 1143 +52 PAMA 1056 + 

StnoIlCo n 1053 +.19 GNMAn 747 + 43 PhrtxA 1X75 + 

SelEqty n 11.12 >54 Gtobaln 1A59 +.10 So via 1657 + 


MnlnsA 7.95 > 42 
MuflLtdA 946 
MutoTrA 9.98 +.03 
MNattA 10.17 + 43 
NJMA 10279 +42 
NYMnA 11.11 +JJ3 
PocA 2X92 —86 


InlTaxExn 10.01 +41 PaxWaridnl383 +49 
toUFxInn 945—05 PovsonBl n 1146 +.18 
tolGrEanl079 —06 PeadiTBd 9.43 
tofl5aEqni697 m Pooch TEa 10.14 +.18 
SelEqn 1641 +52 PeHcm 1X19 +51 
SmCoGr n 944 +49 PmCOPA 583 +48 
PAMunl px 10-91 


EmGthp 1X06 *55 

totlnp 1600 +.03 

IntTrp 14.19 *47 

EqPlln 1649 *56 MMunip 1057 +.05 

IShlGv 9.44 * .02 QutdGrp 1X74 <53 

LtBln 1083 -42 TelliKSli plJJO +.17 
Fidefity Invest TotRTsvp 986 +.02 

AgrTFm 1182 ‘.02 Valuep 1182 -.16 

AMgrn 1440 +.14 Flagship Group: 
AMfffGr n 14.09 >17 AATEgp 10279 '43 


. sS^ Tn lL^. >54 
J^wnNuljGmL ( ^ 

Income 952 • .03 
TaxEx 1051 *.04 
TotRtn 1053 1 .14 


| GokfhJn 


<m I Janus Fund: 


1489 +.10 

'B-tf 

406 1.10 
105 >49 


STGiAp 614 


EaGrth 14.13 1 58 Balanced n1X30 ■ .10 TEBdn 1052 <43 
EqtVal 1382 ‘58 Entr+pr n 7759 .86 WldEm 1X68 1.08 




'A :S 

146 +43 

4S-1S 


Intstkn 138 
Muni n 11.9 
ReEEqn 11.9 
SoecJn 194 
CUmmon Sense: 


Ouh-Ap X 
STMIflP I 

STMIbl I 

Wdlrcp 21 
VfldPrivB p 


arthft Funds Groinc. 15.96 

Base VI n 1585 +58 Growth 1582 
Friedln 9.77 + JR GiilAp 1X01 


ShtTmBan?. 
Vllidl IX 
BascomBd 23. 


+ .13 Compass Cnp 


11.94 - .12 
10J5T -J73 


984 -41 
104* +54 


15.17 -53 BayFunds Invest: 
983 - 43 STYieton 950 


Gvtln 983 - 43 STYictc 
LMMat 10.19 +42 Bondn 
RegEq 1754 +59 Equity 1 
Amcrainc 1257 -.19 BeacHHI 
Ambcissodor Fkt BSEmgO 

BtfncF 943 -.15 Bemhmc 
Bondn 980 -42 Bctana 
EstCoGr nl651 -50 BondAi 
Growth n 1X91 -80 DivGrA 
IdxSIkn 1X22 +57 EqktxA 
intBondn 984 -JR FocGr4 
InttSIKn 1X28 -.11 IrtoBdA 
SmCoGr a 13. 53 -J6 intlGrA 
Ambassador Inv: ShtDur 

Bondn 980 -42 SIBdAr 
EstCoGr nl6 19 +59 SmCoU 
Grwttl n 1X89 -81 USGvA 
IncoBd n 1604 -JR USTVdx 


1480 —07 
1057 —42 
1083 - 43 


-43 STYififcln 958 _ Men BO 1083 

♦ 42 Bondn 944 +41 NJMun 1693 +53 
+ 59 Equity n 1684 +54 Snrtlnt 1054 -JR 
-.19 BeocHBI 2673 + 55 Composite Groom 

BSEmgDbt 696 +49 BdSIkAp 1178 +.14 
-.15 Benchmark Fuads GwthAn 1X85 +57 
-42 Balanced iKli 3 -.15 InFdAp 660 
-50 BondAnx I6B6 — J® NW5QAp '449 
-80 DivGrA n 1H82 -54 TxExAp 786 
+ 57 EqjdxAnx 11.13 +54 USGvA B 9.99 
-JR FocGrAn 1642 +54 Osaamga Funds 
-.11 InttsdArx 19.90 —85 Eauffy 1553 
-56 irtfWrAn 1680 — 45 Incrnx 1043- 
ShtDur nx 1601 -Jfl UdMOIx 1637 - 
-42 SIBdAn 1941 — JM Conn Mutual: 

+ 59 SmCrtA 1156 + 52 Gavtx 1607- 
-81 USGvA nx 1 959 —43 Grwttl 1553 
-JH USTidxA it953 —JM income x 982- 


+ 42 Gftjlnv A n I S.77 —.14 
+ 81 GtolnvBt 1580— .14 
+ 82 GnntoA 1445 - 43 
—45 GnmaBt tAOe -43 
+ 43 MA MunA1184 -43 
-.03 MDMunA12J3 ‘43 
+ 59 MIMunA 1554 - 45 
MNA4unAI444 +44 
. + .10 MDMoB»IX53 +43 

lnpl2J2 -M MuBOBI 1341 +44 
1055 +43 MuniBdA 1340 +44 
""" +.27 NCMuA IXB2 +45 
+ 58 NCMuBI 1241 -45 
. NY MunA 1617 -JU 
- NYMuBNA.17 +44 
+43 OHMuA 1X75 + JR 
OHMuBI 1X76 +42 
+ 52 PA MunA T6W + JM 
+ 42 PAMuBtliSfl +JM 
+54 TXMuA 20J9 +44 
—47 VAMuA 1646 + 45 
—42 VAMuBt 1606 +J75 


1679 > 06 AATECp 1038 
1741 +.10 AZTEAp 1040 
2646 ‘89 CTTEAP 1615 
9.90 +41 COTEp 981 
1154 - JD FLTEp 1052 
1750 + .47 GATE A p 1622 
1681 >56 GidRbp 1757 

w.* K?aip!^ 
3 S^piSS 

1619 +56 UdTEp 1658 
12955 +JB MITEAP115I 
19.11 +58 MO TEA P 1646 
11X51 -JM Ml TE C pi 159 
1X40 +59 NCTEAP 1004 
1654 +55 NMTEp 985 
19.07 +43 NY TE O (059 
3378 +81 OHTEAP 11.19 
1984 + 58 OHTECp 11.18 
1787 • JV PA TEA p 1044 


CAIkii *940 
CATFn 1154 


Desltovl n 1619 +56 
Desiinvll n7955 ♦ JB 
DisEqn 19.11 +58 
DiverlntlnlXSl -46 
OlvGlltn 1X40 +59 

ifJSSS r i9M :S 

EquHnc 3378 - Jl 
EQIIn 1984 +58 
Eqldx 17 J7 +J» 


.05 Edncm n 1X79 
53 HiQBd 9.93 
.17 IntBd 944 
.02 totEqtn 1X09 
.16 LravnCanl553 
AAA Mu n 9J2 
43 AAuniBd 9.90 
43 NY Mu n 1055 
47 ST Bd n 9.84 
43 SmailCo n 1607 

42 SmCoEanllJl 

43 TE Band nl 639 
- US Treas nl612 

.17 UfflBv 1618 

.04 GnSecn 1X90 
43 GMelGrouK 

S GtoMFdn 13J7 


FedTxEx n675 <.02 Liberty Far 
Fhincn 9.14 1 41 AmLdr 
Fund n 1989 >59 CaoGrAp 
Grthlnc 1441 >59 EqtocAm 
IntGvt 447 _ EqlncC lx 

Mercury 1352 *55 iSIncBd 
Overseas n 10.1 1-46 HHoBdCt 
SlTmBdn X90 ijDI toUEqn 
Twenn .. 24.10 1 89 mtitoc 

us^tep 


TX AAA 1087 + JR 
WWncA 644 >42 
Men-9 LyncbB 
AchRB 9.50 
AmertoBt 9.19 >47 
AZAABI 1055 '43 


43 TxExptn 9.99 +42 
86 USGovin 946 +41 

44 Narmst Funds 

+ 55 AtfiUST 981 +41 
*52 AdfeovA 9.61 +41 
♦ 55 COTF A 986 +« 
JR QvtlncTr 693 +42 
40 GvtlncA 693 «42 


HtthAp -J988 +J6 
FfiYdAP. rX04 +42 
HYAdAsT982 — 3R 
tocmAp -666 443 
InvAp ’ 614 +^ 

MFTxOp 846 +41 
MudAp" 454 +41 


EqCanp 1187 )4 
Ealnsn. 1187 +53 
InFICp 943 +42 
InFlln 943 + 42 
aacpGtI n 1040 +.17 
STFICpn 957 *4! 




1 55 yvrtow 2654 ■ .04 
+ 41 JapanFdn 1250 —.17 
-41 JP OmAppr 148? .57 


PX1184 1.15 
1x1184 i.15 
I 1657 1 JM 

:r iag ^44 

1621 —46 
11J78 +43 


Ip 7.76 +43 
CA 777 > 43 
1156 +49 
I 1155 +49 


Equity n 12 
InlGovn 10 
Inf n (4 

Muntnt n 10 


Coon 1481 >531 


ErCapAp nl 172 — 43 TnTEAp 1076 +.03 
Europe 2041 —48 UTHAp 945 - .04 

ExchFd 1*0456 +143 VATEA p 1053 -JD 
FiddFdn 1699 +56 Fkx Fuads 
Fifty 11X8 +57 Bondnp 1956 

GNMn 1630 +JD GKiinpn 959—41 

GtoBd 1083 +J75 Growth npixia +41 

GloBaln 1X16 +.12 Muirfd pnf 557 

GvtSecn 9J3 +41 Fanlainen 1673 +.18 


GtGrp 3441 -84 
Growth p 3985 —41 
Income p 1X35 -JH 
tovA 2056 -.1? 
InvBt 2612 -.18 


NW50Ap '449 + 55 Dupree Mutual: 
TxExAp 786 -JR InlGovn 974 -JH 
USGvA B 9.99 -JR KYTFn 751 +.01 
Baestoga Funds KYSMtn 619 
Eauffy 1553 + 83 EBI Funds 
Incrnx 1003 — JD Equity P 6190 -49 
LWMOIx 1057 — 42 Flexp 5489 -J6 
OnnAAutuafc Income PX4655 —.12 

Gavtx 1047 — JD Mu mix P 4052 +56 
Grwttl 1553 + 57 ESCStrtnA 941 -41 
Income x 982 —.02 Eaton VOassic 


intBondn 984 - JH Benham Group: 


Groce 2692 +89 Forts Funds 
Groinc 2245 +59 AstAlp 1459 -74 ! I 

HiYld 11.98 +JM CopApp 2188 + 821 

ImAAuntt 1157 +JI1 CcnHIp 1635 - Jl 

tolBdn 10JU +.01 Fiducrp 5076 +46 1 

imerGvtn 959 + 41 GfeGnttp1482 + 57I 
InltGrln 17.73 -.0* GovTR p 7.99 +41 j< 
InvGBn 7.12 -41 Grwthp 2658+140 < 
Japan nr 1456 —52 HiYld p 606 —«!< 

Lot Am r 16JB +54 TF MN 1053 -.03 

LtdAAun 959 + 42 TF Nat 16*1 +44; 

LowPrr 18.15 +.17 USGvl 695 -41 ' 
Ml TF n 1157 + 42 Fortress Invto: 1 

AANTFn 1645 -42 AdiRllx 9J2 — JM , 


988 +41 
XB41 +52 

• 43 1 ~Aslqgrth ' l 1557 *+!S 

COoGr 1653 + 84 J 
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-41 Grtoc 1675 + 54 
+ 41 lntlEq 1689 —42 
. Muni Inc 1384 +.02 
+.18 SelEq 1614 +57 
SmoCOp 1972 + 59 
+ 54 Gatoman Sods last: 

+ 82 AdiGv 941 
- Jl GovAp 9J0 
+ 46 SltrlTF 9.91 +41 
+ 571 5T Gov 972 +41 
+ 41 IGOVSIBnd 2659 -46 
-1.00 GvtEatV n 2340 +52 
— M iGovefl Funds 
-.03 DvtpBd 637 *43' J 


1053 -.03 
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U1UV9 III H ID.it ■ -n 

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LTGvAp 655 *41 
AAA TE I1J4 * .04 
MoTEB 1156 ‘43 

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SPOCSA 615 ' 50 
SocOPSB 610 ‘.19 
StrtncA p 7.01 .JR 
Urines 7,oi +4; 
TaxEx p 10.46 +.03 
Htnajcfc Fin udi u. 
AvTech 1083 +.11 
EnvrnAp 657 *.11 
GUnBI 872 —.07 
GlabAp 1X84 +.14 


49 TF Bond 1057 ‘.03 
31 US Gov 678 i JD 
41 UM 1079 1 45 
.04 LTMFIVp 9.78 ‘41 
43 LmtTrmp 987 ' JR 
.02 Lindner Funds 

.01 Butwarkn 7.19 +.11 
J5 OiVn ZS.W +.19 
J4 Fundn 2171 +55 

50 Uffln 1679 +51 
.19 LongHPFn 1986 +53 
JR LarndfSCn 1X89 +41 



42 toComeTr 983 + 42 Perm Fort F 
IncomeA 984 ‘JR FwmPtn 

_ TFInCA 9JB *43 TBUln i 

47 TFtocT 9J9 ‘44 VBondn . 

JU VdiuGrA 1748 1 85 PeritCGn 
52 ValuGrT 1747 i JS PhiloRJtWl 

42 *CAtos 10.19 +44 BoImFd: 

3 


CmStCkD 1388 +51 
GomunA J586 +87 
SgyrxxXJ1S5X+-57 
KtSsA 788 +42 
GATxA 786 +JH 
GM&TXgAJ 59 +8B 

tocomrt OR +47 
IncomeD -1XCT -v+ JJ6, 

P=:U 

LATxA 611 +42 
MguTxA 7JV 


OMcteiidrSua— JD AAunUnfn 1X99 +.04 

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CmSttUX .1603 +5* : FLInsn 1051 + 03 ^ 
Uscoirp 16*4 + M NJInsn 11.17 +JJy 
GS^n SS +S NYlnsn 1084 +.03 _ 
Growth n- 11 5f +29 OHlmir 1146 +«. 
HYIAAif 972 +JR PAtnSn 1042 + 44 ■* 
boon 9 & ■_ SPE nrar 15.77 *41 J 

MSAItun 160— 41 r SPGpidr 


1 -IBM — J++ 

1458 —30. 

f nZ986 +36 . 
In 976 +41 


PA jnsn 1042 + 44 1 

pGot?r r 1X50 +54 * 

» r 164? 
US&an 1536. +55 V. 

Wrxfcrn 1473 


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*87 Wndirn 1473 + 57“ 
+J71 WndsQ 1749 +49^. 
. venture Arfvisera: 

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346 +JM 
ii 15 +JJ6 

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FL Vol 948 
tosAAun 1059 
AM) Vol 943 
AAA MS . 1041 
MA Vd 932 

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948 1 46 
059 145 
943 > JM 
601 i JK 

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+ 57 Global 1X64 +.14 Lord 
*59 GiinA 672 — JM BCK 

st: I GlobRx 1681 +86 “ 

-I GfTecti 1613 +39 

_ GOMA 1485 +.13 

♦Jl I G+XdBr 1482 +.13 


Bondn id 
G toBd n 9 
Growth n 12 
Gr&Jn n 13 
lntEqn 13 
SmCap n 13 


FtFTBI 1452 1 56 NY Ins 1614 . JK 
FdGrBf 9.98 1 57 NY Vol 1051 i JM 
G1AIBT 1X24 1.10 CUVai 1614 iJM 
GffidSI 9.1B 1 42 PA Vol 9.90 I JK 
GICvBf 1689—41 VAVU 956 I JK 
GIRsBI 1AJK i 47 OVB Fuads 
GtolSmBI 1044 i.03 . C0oApuAn941 > 41 
GiUtB t 1242 1.13 EmGrThAn884 +.13 
GriRBt 1731 159 GovtSecAn957 1 41 
HeaUnBf 129 +48 WVaTxAn9JJ 1 43 
totJEaBl 1143 — JD OrttHalln 1X64 1 42 
GiHdB 1X50 I JU aotanrfc 25.17 I 54 
LtnAmB 17.96 -55 Qatornift I5J» +51 
AAAAABt 1084 * 43 Obwv+ets n 2638 <43 
AAJAAuBt 978 I JM OceanTE p 1659 I JR 
AANAABt 1057 +JB OffUEmftAK n946 
MnlrnBt 7.94 + JR Offithyn 989 
AAnUdBt 947 + 41 OWlrifl 1693 +.10 
AAutotB 949 +JR OldDamin 1935 +59 
AANatBf 1617 +JD Olympic Trust: 


Mu 1FIB p 1X32 +42 
StockFd 1355 1.14 
TE Bd 1045 + 41 
TQtRerp 1558 1.18 
USGvSx 9.15 +42 
WVtQpp 1678 MR 

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23 -SSanp 032 +.11 GwWshPl 

24 Growth p 1680 +50 Grtofir • 3 

81 Incan px 941 +41 Jnfl&A 1 

2 RCtfp 1381 *.11 NY TF 1' 

^ SmcACap 620 +42 ST BdP ' 

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GoldA 1485 +.13 
GoldBr 1482 +.13 
Ptxflas 1530 -47 
POCBOSB 1586 —47 , 
RgSkA 2X86 +.13 ; 

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NJM8I 1039 +.02 
NYAAnBt 11.11 +JR 
NCAABt 1614 +JD 
OHMB1 1084 +JB3 
ORMunlBt956 +JD 
PocBt 2131 —85 


Batancodnl 
Eqtncm 16 


1881 +53 AK” 


AiSUSIV 642 
A^l 647 
ARSI-A 630 


inHSffi n 1355 -.11 
MITFBdn 9.29 -.04 
SmCoGr nlXSl -56 
TFBdn 10.11 -.03 
lTintBdniaxi -.03 
Ambassador Ret A; 1 
Bondr -M0 - 0? ! 
EstCoGr 16.18 -591 
Grwth 1X88 -80 
Irufiand 984 -.02 , 
InflSlh 1X25 -.111 
SmCoGr 1331 -56) 


AdGovn 9.51 -41 jCGCapAAfctFds 


CaTFIn 1044 +.(M 
COTF Inn 984 -42 
CD ITS n 1612 -42 
CaJTFHn 944 + 42 
ColTFL.n 1044 -42 
FqGron 1X28 -51 
EurBd n 1335 —.18 
GNMA n 10.31 -42 
GolOInn 1175 -.18 
incGron 15JJ9 -58 
LTreasn 8.^ -47 


EmqMktn958 - JR Govtp 950 - 
intrFxnx 7.90 —.01 NaitLtop 937 - 
IntlEqn 1673 —46 NatlAAun P 950 -42 | 
IrttlFx nx 617 —OS Eaton VAtouthon: 
LgGrwn 9.99 +54 CALWr ia04 
LgVain 952 -.16 Chtoqt 1X75 


Chino p 675 —41 NYHYn 1179 +JH 
R. Ltdp 933 +.01 NYlnsn 1156 +JJ1 
GOVtP 950 -.01 NewAAJanl036 +.08 
NatlUdp 937 +.01 I New MR 1X23 +52 


AAogellan 69.12+147 Bondrx 952 — JM • SmC 
AAknndnr35J2 +77 EqlncFSrxl 184 +.15 ;Gradh 
MATFr 1154 + JH Gtsirr. 882 + 431 EstV 
AAidCopn 1085 - 59 AAuninct 1653 - JD: Goto 
AAtge Sec n 1655 + .01 NYAAunit 1607 +JD | OH1 
AAuncpIn 600 +41 OHFortp 10.98 Opp' 

NYHYn 1179 - JR Utflrx 1280 + JM 'GHAAI 
NYlnsn 1156 +J71 44 Wall Eq 619 +JD 'GHNO 
NewAAktnl036 +.08 Forum Funds Green: 

New MR 1X23 +52 InvBnd 1617 +.03: Griffin 
OTC 2385 -86 AAEBnd 1D8T -JM. Guard 
Oh TF n 11.16-42 TaxSvr 1653 -.02 ASIA 


OTC 2385 -86 
Oh TF n 11.16 - JR I 


■yin 885 —43 ActlBt 119-57 

Eq 1352 — JM BalA 0 632 +.13 

STD 986 —.07 BtUBp 631 +.13 

Cos 1654 -58 BondAp 1451 ♦ JD 
raon McDonald: BondB 4J1 * JD 

V(dpnx2X40 +57 InvAp 448 +57 

the px 1285 +41 tovBp 1446 +56 
TFpx 1284 + JB USGvA P 935 +42 

>ValP 1629 +85; USGvBt 934 - 42 

9.82 +JR J8.VBC* 1X95 +.16 

18.12 +JJ2 KSAAun 11.99 +42 

1455 -JSB KSIAAunLt 11.91 +41 


Affiltdp 1698 +.15 
8ondDebP951 +46 
Dcve+GIh P9.71 +57 
Efl swap 1472 +58 
FdVcriuP 123® +54 
OEqp 13JJ7 — JD 
Gltocp 611 —48 
GovKeCP 270 *J1 
TaxFrp 1045 + 43 
TFCTp 932 + JJ2 

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TFAAO P 541 +42 


PacBt 2131 • 

ST GBt 614 
SpVBI 1X13 
Strove f 1X88 
TecftBt X90 
TX MB t 1087 
UtltoBt 883 
WkSncSI 884 
M errtm anFds: 
AstAInf 11.16 
COpApOf 1692 
FtexBdnt 10JM 


— - 1629 +85' USGvBt 934 - 42 ihiXp 979 +JO 

GHMNTE -m JiVErt 1X95 +S ffiBftP JS 

GHNolTE 18.12 +42 KSMun 11.99 +42 IE H,‘, p f-S 

1455 -Mi KSIAAunU 11.91 +41 ! XEflftL _ fZL *■£] 

1188 +52 Kaufman nr 333 +.14 


TFNJ p i(U + m Mttt-fft SWt53: 
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43 LowOurn 9.96 +JI1 
jn OwGratiR 

85 AsefAilp 1042 +.11 
M BlueCEa 1350 + 56, 
55 DscVal 1X76 +51 
.02 Eqlrtdx 1259 + 57 
50 GvArtnn 945 
55 GvBdp 982 +42 
JD IncEfl 1336 + 56 
JR IncomeBd 957 
47 Wfid 977 +JH 

42 WTF 1038 +42 
totEa n 14.07 — JD 

45 LgCoGr 1X04 +52 

44 LuCoViX 11.96 +54 

43 Lri/al 1056 +J1 
JM OH Mu 1086 +.02 


11.96 +54 
1056 +J1 


7.02 

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677 

677 

1271 +45 
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1X22 +55 
781 +41 
675 +41 : 


BatGrAn 1884 +.12 
EqAsAn 1148 +56 


OT C BI T WJ5 +85 GrEguOv plHi® e-50 

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LoVorrn 163 d +54 LTtocn . 936 +JD 
SmygYn igj4 + 48 SmCpET mas +.16 
»5?iwfSF„ sSS^an HUS. +.15 
Grtoc . . 1483 -n storraTtiHt: 

MSI J141 +30 CAlnsMA*62I +JJ1 
Numeric 15« +51 CaWuAp1087 +42 




12L74 +41; 

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PrcMtA ' 1286 ' + .11 
TtoraetA 1352 +8: 

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InlffqA 1X59 +42 
MY TF 1151 +43e 
ST BdP 9.98 +41 o 
TFtocm 1170 +43 J 
Volume! isjm +57 1 

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COTF 1615 +.02 

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AONIOS 1617 +JD„ 
Mvwilnt 1077 +J52" 
AAiflfiTF 11.95 +42 = 
M O In ? 943 + 43 
Natnf - 948 +JD • 
M3TF .. -1058. + 41 J 
USGv 943 +JD 
USGovYn 942 + jQ2 +* 


EqGM n 1039 iM 02SSS22 +JI 
rate hnoi * in 


FxdlnA 944 +JR 
IntmGvAnXg +42 
NJAAuAn 103S +42 
STtovAn 937- +JH 


CATE . T6S3 +43 
Fund ,1270 +53 
GEq '1480 +42 
GrtiCA 1619 +.13 


CotMuApl087 +42 ShlGvC 984 
CPlncAp 936 +42 TtrExBf 11 85 +42 
BriGrAp JX92 +5» ToratoB 1345 +84 
FLInsAp 988 . USGovBt_682 +42 


GrincAp lira +53 
GroyftiApTi.WI +50 
tottGrAp 1153 .— jm 


tettJS»$So«B: ShTmGln 661 +43 

CapApA 986 +J1 SmCoGr 17.10 +55 
CdpAoB 939 +J1 TFBdA 971 +J0T 
CapApC 972 +51 IllCaroo 939 +JR 
EqlncA 1079 +.16 llICvNC 1609 +JM 
EqlncB 1978 +.16 Oppepbe-ner F* 


10^4 +42 pmutTEB 16.15 -4* --ISS + -“l WaW toA plttM + JB I . UdCW 


NWBSKdnx787 —.01 
Munin 6M +JR 
SmGrwn 1X85 +33 
Smvaln 691 +.13 
THRtnnx 745 —41 


InltflTFx 9.« - J 
Amer AAdvant instl 


TarJWn 9A9J -.17 
TartooaneaBi -52 
Tor2005n 4671 -54 


Grlncon lAU -34 
InlEqtvn 1X91 -.11 
LtdTrmn 7.76 
Amer Copilot 


1732 -.14 1 Tor2010n3344 -.13 


TtrMI5nW46 -43 
Tpr202tln1659 +JS7 
TNoten 1603 -JR 
Ulillncon 959 


952 -.16 China I 1X75 

787 —.01 India t 1148-42 
8.04 -JR FLLtdl 1612 — 871 

285 - 33 MALtdt 1000 -41 

691 -.13 MILTdl 988 + 41 

7.85 —41 NntlLtdl 1617 +41 

9.94 +.15 NJLW1 1605 +41 

Nvudt iaos -.01 

623 -.13 PALM! 1614 +41 

11.90 -89 ALTxFf 1020 -JH 

9.09 -.06 AZTxFt 1634 +.02 

9.78 -51 ARTxFt 10.11 +.82 

980 -41 CalMunit 986 +.03 

1?2 — JJ6 COTxFt 7.95 -43 


- Ovrsea n 2925 —.1 5 Founders Groupe 


PacBasn 1987 —39 
Puri ton 1626 -.1« I 


uordicHi Funds: 

Ast Alloc 1650 +.18: 
GBGtofl .1341 —.05 
Bondn 1133 -43 


gssasf'TO xi ^ Yd ^ +8i 

DiVtoCOA 543 -JD SS?** ^42 

EhvSvc 1X47 +22 ,H9 

SKf* * JS . ,7 I Balanced nlI31 +.15 


BlueChp nc6 74 -.18; ParkAv 2825 


tollGrAn 1192 —46 COTxFt 
VdEqBpnl386 - 831 CTTxFI 


RealEstn 1334 _ Ofscvp 1695 - 55' Stock n 2886 +35 1 EhvSvc 

RetGrn 1659 +26 Fmtrnp 2645 + 75 TaxEx 952 -JD I FLTxA 

ShtTBdn 696 -.iM GovSec 9 JR +JH ! US Govt 989 -41 GtolncA 

5T Wldn 9.31 +.07 Grwth np 1X24 -56 .HTlnsEqp 1320 -53 GrrhA 

SmollCap 1034 - 21 | Passortn 1610 -JH iHTMgFl p 947 -JR HiYtaid 

SE Asia nrlilO —.06 1 SoedPn 784 - 50 |HonilnOoio 9.07 _ toCapA 

SffcSIcn 1974 -56 WldwGrPl627 -.12 Honover Inv Fds: toUA 

StrOppt 2645 -.06 Fountain Square FdS: BKJiGrl 1050 +.17 MuniA 

Trend n 5851 +128 Balanced 9.95 +.H STGvl 980 + 41 NYTxA 

USBIn 1629 -42 GovlSecx 939 —JR . SmCoGrt 1045 +58 O+fTFA 

Uflllncn 1437 - 4« MidCap 1032 +.151 USGvl 933 +JR Retirel 


1530 +54 
WYtaW 772 + 41 
toCapA 112 +42 
IrtlA 11 JM —.01 
MuniA 947 +43 
NYTxA 1070 + JR 
OWTFA 933 +JH 
fietfrel 1121 +.18 
R«ire2 1242 +.16 
Retires 1051 +.14 
R«irW 951 +.12 
Refire5 889 +.10 
ST Glob 641 —41 
MGovA 607 
SrnCcEaA 544 +.18 
TechA 1041 +80 


CrruiAp 16.25 -53 | Berger Group: 

CmMBP 1454 - 53 lOOpn 154t -.48 

CpBdBp 6.64 -42 101 on 1135 -.19 

CorpBdA p 484 - 43 SmCoGr 2.41 -JIB 

EmGrCp24JH - 39 ■ Bernstein Fds: .. 

EGAp 2424 -39 GvShOunl282 -42 CrestFunds Trust 
EmGrS a 2373 -58 ' atfOurn 1X« - JR Bondn 9.44 -JH 

EntAp 1X29 -.27' I mourn 1X75 • JD SiBdn 988 +.02 

EntBp 1X1B -.261 Ca Mun 1128 +41 SoEqn 1145 -54 

ErtlCp 1X23 -2* DivMun n 1113 -JD Value n 1157 -27 

EqtvIncA P5.49 - 47 NYMunnllle -.02 VAMun 979 - JD 
EalncBI 588 -JH intlVol n 1722 - .08 CuFdAdln 942 
EqlncC P 589 -JM BerwvnFd nl845 ♦ JJ5 CuFdSTn 9.» -.02 
ExchFd 11784 -XW Berwvnlncnll27 - JM Caster Trust 
FdTAqA p 12JH +41 BhirudMCGll.OO -50 ApvEqn 1088 -.19, 
FMgBp 12.09 -.01 Bdlmore FUDds: EatYlncon!0.1D-.ll 

GIEqAP 1X05 —44 Balanced 1029 -.14 GavtSecn 945 -JR I 


JR CowenOpA 1X14 -34] 
- CowenlGrAlUl +.14 
Crabbe Hasan: 

.48 ASIAflP 1105 -JR 
.19 Equity p 1633 -JJ4 
48 ORMunNlX24 

Special n 1371 +.11 


Eqlnr 1052 + 45 
FioTxFI 1089 +.01 
GATxFI 9.79 -43 
GavtOblr 929 +.01 
Hilncl 747 
KYTxFI 942 —41 
LATxFt 9.98 -41 
MDTxFt 1604 -43 
MATxFt 1022 + 02 
MITxFt 10.17 +43 
MNTxFI 1600 +JR 
MSTxFt 9.31 +41 
MOTxFl 1021 -.01 


JR USBIn 1029 -.02 

.03 Uflllncn 1437 -JM 

43 value n 44.08 -87 

42 WrbJw 1337 —43 

45 Fidelity Selects: 

41 Airr 1618 -52 

43 AmGOHr 20.80 -.18 

.01 Autor 2X67 -87 

.. Biotetri r 2523 -84 

41 Brdcstr 2132 -34 

.01 Broker r 16.17 —29 

43 Chemr 35.18 -81 

02 Camar 2827 +80 

JD Con Prd r 1480 -58 

.02 CstHour 1601 -58 

41 DtAeror 1833 + 57 

.01 OevComrlB8» +81 


OualBd x 932 _ i Harbor Funds: 

QualGr 1602 +.19 1 Bcmd 1089 + 44 

FrankSn Group: j CapApan 16.98 +31 

AGE Fd P X66 _ ; Growltin 1279 +53 

AdHJSp 957 + 42 Infln 3622 +45 

AHS 9.78 +.82 1 toflGrn 1182 +42 

ALTFp 1156 - 42; ShtOurn 692 


ALTFp 1156 + 42; ShtOurn 833 +41 
AZ TF p 11.17 +.02' value n 1383 +.13 
Bdlnvp 2199 - 43 I HavenFdnt 10.61 +.16 
CAHYBd p 9.72 - 44 1 Heorfland Fd£ 

Courts p 1146 -41 i USGvtp 927 + JJ2 
CAlnwrmMJO +.03. Valuep 2330 +JS1 


EmetGr n 16.02 +31 
EauBvn 2180 +82 
FxdtoUn 1038 +JB 
Fxdincn +J» 
GUBdn 10.15 +JR 
Gffrin 1611 


EqlncC J677 +.17 
EqlnvstA 1242 + 53 
EolnvCp 1188 +53 
GavSecA 694 +41 
FHIncA 610 -41 
HilncB 6JR 
btoEqAP 1037 — 42 
IntlEnB 1033 — JD 
IntEqCp 1039 — JD 
IntIFxtnf 734 — .12 
MsdAstB 673 +.12 
MgdAstA 676 +.12 
MadAslC 677 +.12 
TaxExA 743 +42 
TlfixB 742 +41 
MlMutnc 1036 +JM 


Retirel 1121 
RMire2 1242 
R«ire3 1051 
Refinw 921 

mSL M. 

SIGavA 847 
SrnCcEaA 544 
TechA 1041 


HYSecsn 838 + 45 Mkfwert i 

IntlEqn 1485 —.14 ArSUSGvt 930 +41 1 


TXTFA 10.12 
TMRetA 950 


InflFUdn 946 — JJ6 Govtp 953 +44 
LftJDutFI nlS20 +JR IntGvp 1629 +42 
MtgBkFc 1612 + JK LeshUtBA1036 +JM 
MunFxl 1082 +.11 LeshTsyA 659 +41 
PAFxInn 1656 +.11 OH TF 1145 “ 

SdEqn 1770 +56 TFltlfp 1075 
Seffln 939 +45 Manefta 1532 
SmCpVlnl784 + 28 ManeltMC 1276 
SpFln 1188 +45 Monitor Pa ixMi 


AssetAp HOI +.18 Gold 
CATE A pi 0.10 +JD Grown 
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ESCORTS & GUIDES 


BELGRAVIA 

ORCHIDS 

UNION MBS GENEVA ZURICH 
ESCORT AGBKY 
CREDIT CARDS WBCOME 


INTERNATIONAL CLASSIFIED 


(Continued From Page 3) 


■ vmiTiottn MAYFAIR INTL 

UK 071 589 5237 unfaiE»tspvb«nR7«f2 


GENEVA- ZURICH 

ALLIANCE 

Escort Saves S TraveL MuHrauoi 
Did G8CVA OH / 311 07 24 
ZURKJt 077 1 892950 


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Smvkk G«M cords Accepted 
Photo Id +41^9-4002© 


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Tel mi a B3 32. 


GENEVA * PA 8!S 
Pretty Wbraon Etoort 5erwca 341 99 81 


GWEVA • GLAMOUR • MBS 


■FRANKFURT' 

Pi incss bast and Travel Servira. 

Ple«ecJMob8e: 0161/26 32 572 

TOKYO EXECUTIVE 
Escort Serwo*. Credit ecni. 

Tet 035479-7170 


HAMffUHKOIKDUSSBDOKF 

J oteo*. bcort Service. 

069-473294 

FRANKFURT A AREA 
Mora's bout Agency. 
ftac GA SaP? 397 66 66 
ZURKH JAGQiBK 

Escort Saves 

ZUHOT3HQ15B6 
MUNICH' WELCOME 
ESCORT & CUBE AGENCY. 

PLEASE CALL OB? -91 23 H 

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TiwI & Boom Sen*o6 
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BA5a«3COitA^iiClF»tt£i/J«uuw ZURICH - RtANKRUTT - MONACO TB. 0956 572543 

VB«%'MBTBWB»-ZUBCH 


INTERNATIONAL ESCORTS 

Serna • WaridMdc 

r-L 212 - 765 -rMH'w To* USA LONDON BRAZILIAN 


Major Cretfr Coni Accepted 


Service 071 724 5597/91 -aeckt cards 


* * * YANDWBJ * ' * 
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NEW YORK OTY AD ASTRim Escort 
Senna R12) dTV-5745 a (212) 694- 

1306.7&riawcA 

■PARIS A LONDON* 
■ELEGANCE* 

Escort Serdoe London [71) 394 5145 


CALL SWtTZBXAfC) 0B9810 22 59. 

SONDB ESCORT SBtVKE 
NEWYOKCTPr 

Neoto a* 212-53M20Q. 

SWEEPS STOCKHOLM 
BC0RT5SVKE 

TSL-08 157CT 

ZURICH * B8M * LUZON 
NATHALIE Escort Ssws 
TefcOl / 663 23 34 


HJR0C0NTACTW Escort + Travel- 
Service. CM Vienne +43-1-310 S3 19, 

ORBITAL ESCORT SBtVKE 
L0M30N 

PHASE PHONE 071 Z6 331 4 
MBSTUBCH*VB«A*T11ASW 
SUPREME BC0RT BMTBNATI0NAL 
CJ Vfawo M3 11532 11 3Z 
Frankfurt Hetoh +50 tan 
ESCORTSERVICE 
0161-2634417 


For investment information 

Read the MONEY REPORT 
every Saturday in the IHT 


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jQVTEBNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


Page 13 


WORLD STOCKS IN REVIEW 


■ 

■4 . „ 


MOSCOW — 

4snd vegerabte crops in die for 
eastern Russia axe bang har- 
vested at a [disastrously slow 
because of a shortage of 
and spate parts, the 
■ Itar-Tass said Sun 
80,000 out of 145, 
hectares (198,000 out of 
358,000 acres) of grain will have 
been harvested by .the. end of 
August, by which rime all grain 
has usually been, gathered m, 
the ageocy quoted agricultural 


officiate in Vladivostok as hav- 
ing Raid - 

"The potato harvest has not 
yet started,” it swd- “Vegeta- 
bles are dying in the fields. 
Beans are withering away.” 

Farmers have, frequently 
complained that the govern- 
ment is ignoring the crippling 
financial and technical prob- 
lems besetting the country's ag- 
riculture. 

Prime Minister Viktor 5. 
Chernomyrdin '.said Saturday 
that the state Jiad already spent 


NASDAQ NATIONAL MARKET 


ConsoQdded_.trading 
ended Friday, Aug. 26. 
(Continued) 


for week 


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13 trillion rubles ($604 rodlioD) 
to hdp with this year's harvest. 

He also said, however, that 
fliis year’s grain harvest could 
be over 100 minion metric tons, 
a higher figure than previous 
estimates, the news agency In- 
terfax reported. He said he 
wanted to sell much of Russia’s 
grain abroad to raise much- 
needed hard currency. 

Mr. Chernomyrdin made his 
harvest forecast to reporters in 
the southeastern agricultural 
town of Orsk. Russian officials 


had previously put this year's 
harvest at 90 to 95 million tons, 
down from 99 million in 1993. 

Interfax said Mr. Cherno- 
myrdin had told local officials 
that the grain procurement 

? rice this year would be from 
60,000 to 210,000 rubles a ton. 

“Here there are people who 
are very keen to set a price con- 
siderably above world levels," 
he said. “This is not normal and 
the state is unable to buy grain 
at that price.” 


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Crariuued «n Page 17 


Amsterdam 

Prices recovered strongly last week after 
falling the week before. The benchmark 
EOH index bounced up to 420.83 points 
Friday from 412-45 the Friday before. 

Prices were helped by the strong show- 
ing sea in other European markets and 
good Dutch company results, brokers said. 

Among the international shares. Akzo 
Nobel rose 0.90 guilders to 220.30. Royal 
Dutch Shdl and Philips also posted strong 
gains, while Unilever ended little changed. 

Frankfort 

Frankfurt shares registered a modest rise 
last week, with the DAX index finishing 
Friday at 2,16134 points, up 0.56 percent- 

prices fell by almost 2 percent in the first 
two sessions due to bond market weakness 
and the dollar’s decline, weighing on ex- 
port-oriented companies. But a dollar rally 
late in the week, a firm Wall Street, and the 
release of some encouraging German busi- 
ness rtatnings results lifted the market. 

Chemical issues were little changed cat 
the week before, BASF shedding 1 JO Deut- 
sche marks to end at 325 and Bayer 2 DM to 
36730. Hoechst was up 2 DM at 354.80. 

Mannesmann, which announced a sharp 
cut in its net loss in the first half, was off 24 
DM on the week and closed at 457 DM. 

Hong Kong 

Shares eased slightly in seesaw trading 
in Hong Kong last week, with the key 
Hang Seng Index off 5.36 points, or 0.06 
percent, at 9,399.08 at the end of tthe week. 

Average daily volume amounted to 3.72 
billion Hong Kong dollars, down from 
4.08 billion dollars the previous week. 

The property firm Cheung fen 10 cents to 
36.50 Hong Kong dollars and Hongkong 
Land lost 75 cents to dose at 18.70 dollars. 

Hongkong Bank remained unchanged, 
while Hang Seng Bank fell 25 cans to 
5250 dollars. 


London 


Prices rose in London last week with the 
Financial Tunes-Stock Exchange 100 
share index closing up 73 3 points at 
3,265.1 points. Traders said that investors 


had become increasingly bullish about 
company performances in Britain and had 
become less worried about increases in 
U.S. interest rates. 

The Confederation of British Industry 
revised its forecasts of British economic 
•output this year to 3 percent from 2.4 
percent. The employer federation’s report, 
however, also predicted that interest rates, 
now at 5.25 percent, would finish the year 
at 55 percent, and would move up to 6.25 
percent in the first half of 1995 because of 
a gradual increase in underlying inflation. 

Media shares were closely scrutinized 
during the week by dealers looking for the 
impact of the current newspaper price war 
on company figures. The Telegraph. 57 
percent controlled by Canada’s Hollinger 
Group, announced a 124 percent dip in 
first-half pretax profit and shares fell 1 1 
pence to 367 pence. 

Thom EML which reported an 18 per- 
cent cut in first-quarter pre-tax profit to 
£33.1 million, dropped 22 pence to 1,040. 
Dealers said they were disappointed the 
group was not about to reorganize itself. 

Milan 

Strong company performances and gen- 
eral economic confidence pushed shares 
higher on the Milan stock market last week 
with the Mibte! index up 3.67 percent at 
11,004. 

Generali rose 5.83 percent to 41,763 lire; 
and Toro Assicurazioni rose 85 percent to 
28,077 Hre 

Among phone companies, Stet rose 1.67 
percent to 5,129 lire, and Telecom Italia 
climbed 5.8 percent to 4,523 lire. 

The carmaker Flat rose 1.45 percent to 
6,515 lire, Olivetti climbed 1.92 percent to 
7,783 fire, Ferruzzi rose 221 percent to 
1,799 lire, and Montedison rose 1.9 per- 
cent to 1,396 lire. 

Paris 

Paris shares bounced back last week 
from recent falls and the CAC-40 rose 3 
percent in the course of the week. 

Analysts said cyclical shares appeared 
to have the most appeal for investors at the 
moment but they were not optimistic 
about the short-term outlook for the mar- 


ket in view of the looming presidential 
elections, due in May 1995, which may 
create considerable uncertainly. 


Singapore 


Shares fell in Singapore last week Fol- 
lowing the increase in the prime lending 
rate by the top four local banks. The lead- 
ing market indicator, the Straits Tunes 
Industrials index, lost 53.66 points, or 2.3 
percent, for the week w dose at 22935 1. 

Total volume in uhe market fell slightly 
to 1.2 billion shares last week from 1.4 
billion in the previous week. 

United Overseas Bank fell 1.10 dollars 
to 13.90 dollars. 

The week’s strongest gainer was Uni- 
phone Telecom, which surged 3.45 Singa- 
pore dollars to 1030, foDowing by Sungei 
Way, which added 1.12 dollars to 5.60. 


Tokyo 


Concern over the yen’s strength against 
tbe dollar pushed share prices lower on the 
Tokyo Stock Exchange last week. Tbe Nik - 
kd 225 index fell 41.21 points, or 02 
percent, to 20,471.49 last week. 

The medium-term outlook for the mar- 
ket is generally considered promising with 
corporate performances expected to show 
big profit gains later in the year. But in the 
short term, the market is likely to remain 
depressed as long as the yen rises, affecting 
exporters in particular, dealers said. 

Automakers were generally depressed 
with Honda falling 10 yen to 1.660 yen, 
Nissan Motor flat at 787 yen and Toyota 
unchanged at 2,150 yen. 

Zurich 

Zurich shares rose slightly during the 
week and the Swiss Performance Index 
climbed 0.8 percent, overcoming early falls 
caused by a slide in the dollar and by a rise 
in Swiss interest rates. 

Ranks were spared the general gloom 
and CS Holding fell 9 francs to 526 francs 
while Swiss Bank Corp. fell 4 fgrancs to 
373 francs. Union Bank of Switzerland 
was lifted by positive analysis' reports and 
rose 35 francs to 1,126 francs. 


Body Shop Denounces 
Article as Vilification 


Reuters 


LONDON — Body Shop, a British cosmetics chain that 
has based its success on ecological products and philosophies, 
fought back over the weekend against an attack on its claims 
of ethical purity. 

Tbe company's shares dosed at 218 pence ($3.39) Friday, 
just 4 pence from their year’s low, after a week of largely 
unsuccessful attempts by Anita and T. Gordon Roddick, who 
founded the concern in 1976, to squelch the speculation about 
its environmental credentials. 

Body Shop blames the an "obsessive campaign of vilifica- 
tion” by an American journalist, Jon Entine, for the plunge. 
Business Ethics, a magazine based in Minneapolis, is to publish 
an article by Mr. Entine about the company Thursday. 

Mr. Roddick, Body Shop’s chairman, took the unusual step 
Saturday of issuing a “Memorandum of Response to the 
Allegations of Jon Entine” in an attempt to discredit the 
journalist’s methods, although little information about his 
upcoming article has been made public. “Mr. En tine’s seri- 
ously unbalanced material has been widely rejected by the 
US media,” he said. “The Body Shop can no longer sit, wait 
and allow prepubiiaty hype to damage its reputation." 

Business Ethics said in a statement that it had received letters 
from Body Shop’s lawyers threatening lawsuits for libel if it 
published the article. “We are proceeding with publication as 
planned, confident that we have documented ail the facts in cur 
story and that it is not libelous,” the publisher, Marjorie Kelly 
aML “We consider this a balanced and fair story.” 

Body Shop built its chain of 1,100 outlets in 45 countries, 
most of them franchises, on the back of the environmental 
movement It prides itself on its “green” image, advocating 
“trade not aid” to hdp Third World countries, using traditional 
ingredients, and avoiding tbe testing of products on a n imal s . 

But news organizations’ interest in the Roddicks, who own 
shares in the company worth around £70 million ($108.8 
million), has intensified in the past two years. 

Tbe Roddicks won damages last year after a 1 992 television 
program cast doubt on their company’s green-ness. 

Its recent problems began when an influential U.S. ethical 
investment fund issued a sell order for Body Shop shares, 
partly because of worries over the forthcoming Business 
Ethics article. Tbe shares have shed 30 pence ($0,466) in 10 
days. Franklin Research & Development Corp. said Wednes- 
day that it had not turned against the company, although it 
reportedly thought the stock price was too high. 

The Royal Society for the Prevention of Cruelty to Animals 
said Saturday that a report in the Guardian that tire organiza- 
tion had dropped Body Shop from its list of approved 
companies was wrong. 



Profit Up 50% in 1st Hall 


Bloomberg Business News 

HONG KONG — The Chi- 
nese hydro-electric turbine 
manufacturer Dongfang Elec- 
trical Machinery Co. said Sun- 
day that its net profit totaled 
26.77 million yuan ($3.1 mil- 
lion) for the first half of 1994. 
up 50 percent from the like peri- 
od the year before. 

The comparative figures were 
pro forma because the company 
has only been listed on the 
Hong Kong stock exchange 
since June 6, the company said. 

Included in the profit figure 
was an exceptional item of 4.3 
million yuan made up of inter- 
est from funds left by investors 
who subscribed for shares. 

Revenue rose to 275.3 million 
yuan in the first half, up 74 
percent from the same period a 
year ago. 

Stock of the company was 


originally offered in Hong 
Kong on June 6 and met an 
enthusiastic market debut. 
Dongfang was one of a pioneer- 
ing group of nine state-owned 
Chinese enterprises to sell 
shar es in Hong Kong. 

■ Siemens in China 

Siemens AG plans to build 
three power stations in China 
and set up 15 joint ventures 
with a total investment of more 
than $500 million, the official 
China Daily reported on Sun- 
day, according to a Bloomberg 
Business News dispatch from 
Beijing. 

The company’s chief repre- 
sentative in China, Hermann 
Kolle, said the plants would be 
built under the country's so- 
called build, operate and trans- 
fer system, in which the compa- 
ny will transfer ownership after 
a specified operating time. 




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BraziTs new currency, the real 


Page 14 
Monday, August 29, 1994 


International Herald Tribune 


The Brazilian 


Ebullient Mood Reigns Ahead of Elections 


Prices have jumped on the Sao Paulo stock exchange. 


By James Brooke 

S AO PAULO — Imag- 
ine a free-market econ- 
omy larger than Rus- 
sia’s placed next 
January in the hands or a for- 
mer Sorbonne professor who 
believes in low inflation, priva- 
tization of state industries and 
a wider role for foreign invest- 
ment. 

With the first round of Bra- 
zil’s presidential election five 
weeks away, Fernando Henri- 
que Cardoso, 63, a social dem- 
ocrat, has suddenly surged in 
opinion polls, rising ahead of 
the longtime leader, Luis Ina- 
tio Lula da Silva, a socialist 
"The Election Stopped Be- 
ing a Nightmare," Exame, Bra- 
zil's largest business weekly, 
hailed the startling aboutface. 
In the space of six weeks, an 
estimated 20 million voters mi- 


grated to Mr. Cardoso’s ranks, 
largely abandoning the Work- 
ers Party candidate universally 
known as “Lula.” 

Enjoying preference mar- 
gins ranging from 15 to 20 per- 
centage points, Mr. Cardoso 
may even win a majority on 
Oct 3, eliminating the need for 
a runoff on Nov. 15. Respond- 
ing to the opinion polls, S5o 
Paulo’s stock exchange index 
has increased 67 percent in 
dollar terms since July 1. In 
August alone, foreigners have 
invested an estimated $1 bil- 
lion. raising foreign participa- 
tion in S&o Paulo’s market to a 
record 25 percent 

With prospects now high 
that Brazil will be governed 
through the end of the decade 
by an Internationally respected 
centrist American companies 
are announcing dozens of new 
ventures for Latin America’s 
giant 


Federal Express, Blockbust- 
er Video and Anheuser Busch 
are on the verge of starting 
operations here. Chase Man- 
hattan has bought 17 percent 
of a cable tetoosion network. 
American Telephone A Tele- 
graph is to start making mo- 
dems in southern Brazil, 
Chrysler Corp. is launching its 
first car in Brazil in October, 
and Holiday Lon plans to have 
franchised 50 hotels across the 
nation by the end of the de- 
cade. 1 

With 4 percent growth ex- 
pected for a $450 billion econ- 
omy, BraziTs expansion this 
year should almost equal the 
size of the economy or Peru. 

Mr. Cardoso’s surge in pop- 
ularity and the corresponding 
surge in business confidence in 
Brazil stem in large part from 
the country’s adoption cm July 
1 of a new currency, the real. 


of i 


through Brazil’s fractious con- 


Unl£kethe_ 
ous plans, the 
based on the orthodox 

tiOT against the; Inaum? ; 

■- “What to different in Brazil . major political • 


1989, Mr. Coflor was; 

dectedprtadentafttfruM^ 


now is that there is a critical 
of Brazilians who want 
stability,” said one American 
banker who ends a fivc-j 
it here in Septeml 
other plans, the real 
plan was adopted after the fed- 
eral budget was precariously 
brought into balance, after lo- 
cal manufacturers were thrown 
into price competition with im- 
ports, and after the nation had 
run up $42 billion in reserves, 
the eighth highest level in the 
weald. 

This foreign-exchange 
mnamtain has so intimidated 
llators that, during the 


How to maximize your investment goals. 


Brazil, the best 
playing field. 


255 of top 500 companies in Latin America 
45% of total Latin American GDP 
Trade surplus among the five largest 
in the world (US$ 13 billion)' . 

Highest foreign exchange reserves in - .. s 

Latin America (US$ 35 billion) 

Best performing stock market in Latin America 
in 1993 (107% in US$ terms) and in the 
first semester of 1994 (13% in US$ terms). 


The new rules. 


Balanced budget for 1994 with strong monetary adjustment 
New currency introduced as part of economic stabilization plan. 
Privatization: 24 companies sold for US$ 6.6 billion, 

37 to be sold in 1994. 

Trade liberalization: reduction in average tariff to 14.2%, 
elimination of non-tariff barriers. 

Deregulation: liberalized foreign investment 


two mouths of the plan, 
the central bank hasnot sold 
dollars to defend the real, 
which trades at about $1.15. 
To keep local producers on 
their toes, import tariffs have 
been dropped to as low as 2 
percent 

Because of low duties, Bra- 
zil’s imports are expected to 
jump 15 percent, this year, to 
$29 billiofl. Trade with' the 
United States is expected to 
smre 36 percent, to $19 billion. 
Achieving in four years what 
took. Western Europe almost 
four decades, Brazil on Jan. 1 
win join Argentina, Paraguay 
and Uruguay in a common, 
market that sti pulates iw minnn 
external tariffs and duty-free 

four countries^^OTO^^fer- 
oosul, the common marina has 
been so successful that Owl* 
and Bolivia now want to join. 

After 50 percent inflation in 
June, BraziTs monthly infla- 
tion plummeted to 7 percent in 
Juiy. and to 4 percent in Au- 
gust Shellshocked by 5,000 
percent inflation oyer the 12- 
month period ending In Jane, 
Brazilians are suddenly getting 
used to stable prices. ■ 

“Through December, infla- 
tion is going to re main very 
low, very dose to the 1 to 2 
percent levd forecast for this 
month,” Exame magazine 
wrote in mid-Angust. “This 
factor, allied to the growth of 
the Fernando Hetmqne Car- 
doso candidacy in the polls, 
radically changed the business 
percephon of the economy." 

Public opinion surveys show 
that business people are largely 
optimistic about the real plan. 
Among voters surveyed, about 
78 percent support the plan.. , 

4 *No group of any impor- 
tance voices any criticism of 
the plan," Jo hn Rjeed, presi- 
dent of Citibank, said on visit 
to S5o Paulo in August “Bank- 
ers are very optimistic about 
..it"..-. 

Further contributing to' 
business confidence, Mr. Car- 
doso lias said that if he wins, 
he will ask Rubais Ricupercv 
BraziTs finance minister, to 
stay-on and to continue 'the 
anti -inflati on battle. 

If Mr. Cardoso wins, he will 
be hr n far better position than 
Fernando Collar de Mdlo, 
Brazil’s last elected president, 
to push free-market change^ 


T 


rated at age 40. Mr. 
a thin political resume an 
undistinguished term ° ra " 
zips Chamber of Deputies and ; 
a term as governor of Alagoas, , 
Brazil’s poorest state. ; 

In contrast, Mr. Cardoso 
would be inaugurated Jan. I 
with nearly 25 additional years . 
of political experience. In re- 
cent years, he has served as ; 
senator from SSo Paulo, Bra- 
ziPs most populous and most . 
economically powerful state. 
After serving as finance minis- ; 
ter until last April, he is run- , 
nfng for president on a broad- ■ 
based party coalition that’ 
shoiiM guarantee him a work- • 
zng majority in Congress. Vir- j 
tually every major newspaper, , ■*- 
magazine , television and radio « 
station backs Mr. Cardoso. ; 

“This time we are up against | 
the candidate, the media; the i 
businessmen, and the state,” ■ 
com plain ed Mr. da Silva, who \ 
narrowly lost to Mr. Collor in > 
1989. “Fernando Hcnrique; 
may not be Ali Baba, but he . 
has the 40 thieves with him.*' • 

RYING to Inject ! 
class divisions into * 
the race, Aloisio Mer- ! 
cadante, the Workers ■ 
Party vice presidential candi- | 
date, said; “It’s the revolt of , 
the slave shanties, and the \ 
plantation house is going to ) 
tremble.” 

But polls show that voters ' 
increasingly believe that Mr. i 
Cardoso has more modern ' 
ideas, and that he has the ca- 1 
parity to implement them. 

“People are tired of the mes~ J 
tiamsrtf., inflammato ry, indig- i 
nanl discourse,” said Roberto J 
da Malta, a Brazilian an thro- , 
pology professor at the Uni- • 
vezsity of Notre Dame in Indi- * 

ana i 

Less than a decade ago. Bra-) 
z3 became the world's third 1 -j 
most populous democracy, af- * 
ter India and the United 
States. Now, Latin America's 
largest economy may finally be 
startmgdown the track toward 
stability — low inflation and 
high growth. 

. “It is dear that Brazil could 
not remain isolated, in Latin 
America and in the world, as 
. one of the few countries which 
could not achieve stability, 

Mr. Ricupero, the finance min- 
ister, wrote recently about the. 
emerging political consensus’ 
for a serious anti-inflation! 
fight 

“Wc could only saythat Lat- 
in America was again demo- 
cratic when Brazil returned to j 
democracy,” he continued, re- « 
feriing to Brazil’s return to d- ! 
vflian rule in 1985. “1985 was - 
the moment of the democratic 1 
turnaround, the way we hope ! 
that 1994 will be the moment 1 
of Latin America's stabiliza- 
tion.” 


JAMES BROOKE is the Brazil 
bureau chief for The New York 
Times. 


Pactual, 
the best team. 

• Investment Banking: Renato Bromfman 

• Mergers and Acquisitions: Paulo Bilyk and John Schlesinger 

• Merchant Banking: Luiz Cezar Fernandes 

• Economic Analysis: Paulo Guedes 

• Portfolio Management Andre Jakurski 

• International Coverage: Thomas W. Keesee 

• Fixed Income: Marcos Pinheiro 

• Foreign Exchange: Robert Poor 

• Capital Markets: Marcelo Serfaty 












'z.'b 


INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


The Brazilian Economy 






iiSD 


Page 15 


A Special Report 



ion Be Tamed? 

New Currency Puts the Theory to the Test 


SySftmJBni! 


I rjt& ¥AUL© :~r- -The 
woman at the kiosk was — 
magazine, but sfae took a pep from 
parse and wrote out a'dbeck. Nobody 
raised an eyebrow, though* because Brazilians ; 
write checks almost everywhere, fiom Mb- ' 
DonakTs to the airport paikmg lot. During a 
decatde >wben annual inflation averaged more 
than- 100 percent-- and last year topped Z500" 
percent — Brazilians learned that cash has 
Bttle currency. 

Yet since Jidy? when the nation introduced 
the reed, the currency associated with it* 
shnwd^ andSonndest srtHbffizafionplari yet 
inflation has been tamed. After a rale of' 
nearly .50 peccenl iii June, prices increased less 
than 7 percent in July. : : 

Few ’Br azilians, Tjowsveir, beheve the real . 
plan will* keep inflatitm at, bay to r long, and 
fewer stiff seem, iodised to stop writing so 
' many checks. Inflation herehas becotoeaway ; 
erf life wages, inta[est_ralevrepts And almost 
everything else has been indexed to it' Al- 
though the poor fdl]frogressrvdy behind, the 
well off fo save 

offshore in dollars — = did just fine. 

Moreover, an. array of political and bosi- 
ness interests became dependent cm inflation. 
In private, L many- Brazilians are rooting 
against the real plan.' . 

“Brazilians have been too dever far their 
own good," said Eduardo Giaxmetti da Fon- 
seca, a professor of economics at SSo Panlo 
University. “We allowed the country to con- 
tsiue despite inflation that would be lethal 
eLsewfaere, but in the process we created enor- 
mous resistance lo solvmg the problem.” . 

Brazil thus finds itself in. a dilemma: in- 
creasingjy, it feeds at risk: of falling behind 
Argentina, Chile and other Latin American 
states that have whipped inflation and en- 
joyed fast economic growth and inward in- 
vestment; but correcting the government's 
extravagant overspending that is the underly- . 
ing cause of inflaiioriwotzld spdl political, and ‘ 
economic upheavaL • 

So far, the real plan is working, thanks 
largely to the govenunenfs backing- of the 
currency with the. dotiar r ahd'a one- tone deal 
to restrain government spending. But many 
observers hoc doubt these conditions wifi, last 
much beyond January, when a new govern- 
ment takes over. 

“The plan will be a bridge guaranteeing 
stability until the next president comes ire.*' 
said Mr. CHannetti da Fonsecai “But from 
imlf-g: the f undam entals are taken care 
of, we’ll see inflation again.” . 

The fundamentals, chiefly a government 
that is virtually bound by the constitution to 
spend more tban-it collects in taxes,, wifi hot 


be eaaly corrected. It would mean reforming 
the cansti union, which was written in 1988 by 
a pciputisl.goyemment that sought to decen- 
tralize authority to the states after decades of 
military rule. The constitution require the 
federal government to hand over more than 
half its revenues to state and muni rip a] gov- 
ernments, which maintain bloated payrolls 
and support inefficient state-run enterprises. 
The federal government also operates its 
share of inefficient businesses, notably in the 
banking, telecommunications and oil sectors. 

. The extent of the problem is shown by the 
Banco do Brasil, a federal commercial bank. 
It h^s 125,000 employees, whose salaries com- 
■ prise 1.5 percent of Brazil's gross domestic 
product. Among the world’s banks, only the 
Bank .of India is lugger. The central bank, 
unwilling to let the state banks f ail, has no 
hope of maintaining monetary discipline, 
economists say. 

0 the real plan does succeed in stabilizing 
the economy over the longer term, Brazil will 
at last be able to realize its potential as the 
world's 9th largest economy. Brazil boasts a 
large entrepreneurial class and industrial 
base, as well as a functioning infrastructure. 
An end to high ■ inflation would encourage 
more investment and could boost growth. 

But failure could deal a cripplin g blow. 

. Because the real plan dismantles the indexa- 
tion system that allowed the nation to cope 
with high inflation, its defeat could invite true 
'.'hyperinflation and undermine growth for the 
rest of the decade, economists say. 

Although in technical terms the real plan is 
the best of 13 stabilization plans since 1979, 
its implementation became politicized as soon 
as its author, Finance Minister Fernando 
Henrique _ Cardoso, became a presidential 
candidate in March. Should Mr. Cardoso win, 
as now seems probable, he would likely make 
carrying out the plan his top priority.' 

But his opponent, Luis Inirio Lula da Sil- . 
va, has less invested in the real plan. He is a 
socialist whose rhetoric is concerned less with 
inflation than the need to provide pensions, 
higher wages and other benefits to workers. 
Lula is not expected to dismantle the plan for 
political convenience, but few imagine he 
. would rein in government spending. 

Although dealing with Brazil's structural 
problems is a daunting task, optimists say the 
• current environment low inflation provides 
the necessary precondition. “It's impossible 
to negotiate reforms when inflation is raging," 
said Decio Harnu, a director at Banco SRL. 
■“This is a truce for restoring fundamentals 
and confidence.” 


STEVEN BRULL, the Tokyo correspondent of 
ihe International Herald Tribune , urn recertify 
in Brazil 



Cardoso Stakes Future on Real 

R! 


Ts)ui*> Kji*ti/F<fc dc S.Pm*> 

Cardoso: An economic optimist 


IO DE JANEIRO — For all 
intents and purposes, Brazil- 
ian presidential front-runner 
.Fernando Henrique Car- 
doso. is a one-issue candidate. 

His message: “get real.” Or more 
accurately, get REE-AWL. the Portu- 
guese pronunciation of the country’s 
new dollar-backed currency. 

And so far the country seems to 
buying his pitch. Long mixed at be- 
tween 15 percent and 17 percent in 
public opinion polls — a distant sec- 
ond to the left-wing labor candidate 
Luis Inirio Lula da Silva — Mr. Car- 
doso has seen his popularity jump to 
more than 30 percent with the arrival 
of the country’s new money, of which 
he was the architect. 

Some now even predict that Mr. 
Cardoso, candidate of the Brazilian So- 
cial Democracy Party, will win in the 
first round of voting OcL 3. 0 no can- 
didate wins an absolute majority, the 
two first round leaders will face a run- 
off vote Nov. 15. 

“The Real Plan is working. For the 
first time in years. Brazilians are going 
to the store and the prices are the 
same," said Ronaldo Cezar Coelho, 
Mr. Cardoso’s campaign manager. 

Mr. Cardoso's rapid surge in the 
polls has calmed those worried about 
an end to five years of modestly suc- 


cessful market-based economic reform. 
Mr. Da Silva and his Workers Party are 
committed to rolling back or slowing 
the pace of privatization, trade liberal- 
ization and government restraint be- 
gun under former President Fernando 
CoHordeMelloin 1990. 

While Mr. Collor was impeached for 
his role in an influence peddling scan- 
dal in 1992, his successor. Itamar Fran- 
co, has largely continued with the re- 
form program, the Real Plan being the 
latest and most sweeping component. 

For Mr. Cardoso, there are no solu- 
tions to any of Brazil's serious prob- 
lems until some of the more surreal 
elements of the economy are stamped 
out. 

The declining wages, increasing pov- 
erty, decaying infrastructure, collaps- 
ing social services and rising crime and 
disorder that both Mr. Cardoso and 
Lula denounce, have followed hard cm 
the heels, Cardoso says, of a country 
addicted to funny money and inflation. 

Despite the Real, things are still dif- 
ficult. Part of Mr. Cardoso's plan in- 
volved a constitutional amendment 
that cut direct federal government 
transfers to the states for health care 
and education, putting them in a pool 
instead for emergencies, a fact that has 
opened a line of attack for Lula. 

“fm not going to promise things I 


know can't be delivered,” said Mr. Car- 
doso. “To talk about the social side we 
need to talk about fighting inflation.” 

Lula and the Workers Party, howev- 
er, point out that inflation is still going 
up, but wages are not being adjusted as 
they were under previous currencies. 
They also say the government did not 
take strong enough action against 
sharp price rises before the arrival of 
the real. 

Mr. Cardoso, Lula says, is thinking 
too much about international bankers 
and not enough about poor Brazilians. 

Unlike Lula, Mr. Cardoso says sta- 
bility must come before wage in- 
creases. He also attacks his rival's ideas 
as ideologically rigid. The Workers 
Party “talks but they don't know ” Mr. 
Cardoso said. “Inflation destroys in- 
come and the poor are the ones who 
suffer the most. I'm not afraid to sup- 
port things that aren't popular. I'm noi 
a monetarist or a neo-liberal, I never 
was. We have to stop talking about 
change when we can't deliver it. So far 
we have managed to change Brazil and 
we will continue.” 

A former Marxist-leaning university 
professor, Mr. Cardoso was exiled un- 
der during much of the 1970s by the 
1964-1985 military regime. Taking up 

Continued on Page Id 


‘The Squid’ Challenges Economic Big Fish 


By Jeb Blount 


R IO DE JANEIRO — 
In Portuguese, his 
name means 
“squid." And from 
the way much of the country’s 
business and political groups 
are reacting to his seven-year 
run for the Brazilian presiden- 
cy, be might as well be a Jules 
Verne- style sea monster ready 
to wrap his tentacles around 
the sinking ship of state. 

Luis InAcio Lula da Silva — 
known to all by the nickname 
that is now part of his legal 
name, Lula — and his left- 
wing presidential bid have be- 
come one of the biggest chal- 
lenges yet to Brazil and the 
region’s rapid embrace of free- 
market economic reform. 

An economic nationalist, 
backer of radical social reform, 
Lula, leader of the Workers 
Party, was until recent weeks 
the front runner in the Brazil- 
ian presidential elections. 

For his supporters, such a 
challenge has been long in 


coming. Lula, they believe, is 
their best hope to change an 
economic system where the big 
fish regularly gobble up the 
small fry. 

“Lula is the only one talking 
about the problems that really 
affect the people,” said Luiz da 
Sousa, a Rio de Janeiro office 
clerk. “We have to change the 
system.” 

For his enemies, a Lula vic- 
tory means the end to five 
years of economic reform. 
“Lula is an obsolete leftist of 
the statist variety,” said a Rio 
de Janeiro political science 
professor, Helio Jag&ribe. “He 
promises a lot but 1 don't think 
be really understands what he's 
talkin g about or tbe cost of 
doing what he and the party 
want to do." 

Lola's main claim to popu- 
larity is his outsider status. In a 
country where politicians, even 
those of humble origin, have 
historically cultivated a refined 
appearance and florid oratory, 
Lula flaunts his working-class 
roots. A former lathe operator 
and trade union activist, he 


lost a finger in an industrial 
accident and was not fully lit- 
erate until early adulthood. 
Bearded, portly, his speech in- 
flected with a lisp and throaty 
growl, he struggled with his 
conscience before agreeing to 
handlers’ requests that he oc- 
casionally wear a suit and tie. 

Lula made his name in the 
late 1970s as a union organizer 
in the tough “ABC” Factory 
sector of Slo Paulo and was 
jailed and harassed by the 
1964-1985 military regime for 
his activities. Since his narrow 
presidential loss in 1989 to 
Fernando Collor de Meilo, be 
has been campaigning almost 
non-stop. In the last two years 
he has toured much of the 
country, which is the size of the 
continental United States, 
along rotten roads in a bus. 

"Unlike the other candi- 
dates. 1 think Brazilians see 
him as a worker.” said Richard 
Foster, editor of the Brasilia- 
based newsletter Brazil Watch. 
“They see him as the candidate 

Continued on Page 16 



■■■! ' 
■i 






n&th'W- -• .. 

V* . ■ ■ 


mm-. 


Lsa Novacs.' Mto de SJaut- 

Does Lula still have time to recapture the lead ? 




■Sr-- 5 




x. H. 


. mu 



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rage 16 


A Special Report 


The Brazilian Economy 


Mercosul: A Boost for Trade Foreign Investors Start to Pour In 

. I V-V* . 


By Andrea Fomes 


S 


AO PAULO —On Jan. 
I, Brazil and its neigh- 
bors at the southern 
cone of South America 
plan to form a common market 
that will unite 200 million peo- 
ple in a regional economy 
worth more than $800 billionl 

The Mercosul accord s ig ned 
this month, which will initially 
will include Brazil. Argentina. 
Paraguay and Uruguay, has 
the potential of doubling trade 
among the four countries in 
five or six years, analysts said. 
Chile and Bolivia may be next 
to join. 

As the biggest economy in 
Latin America. -Brazil has the 
most to gain.Trade within the 
Mercosul countries now com- 
prises 15 percent of its total 
trade — an amount equal to 
that of Asia. After the accord 
lakes effect, and tariffs on 
many products fall to zero, the 
momentum of intra-regional 
trade can only increase. 

Brazil’s trade with Argenti- 
na, for example, has nearly 
quadrupled since 1990, when 
leaders in the region first be- 
gan to discuss forming a com- 
mon market. It is now the sec- 
ond biggest market for 
Brazilian exports after the 
United States. By the end of 
the year, growing links in the 
automobiles, auto parts, tex- 


tiles, plastics and electrical ma- 
chinery will expand bilateral 
trade to $4 billion, nearly eight 
times the amount in 1986. Bra- 
zilian entrepreneurs are ex- 
pected to invest some $150 mil- 
lion in Argentina in 1994. even 
though Argentina’s per capita 
income of $6,050 is more than 
twice Brazil’s $2,700. 

The idea of a regional cus- 
toms union was first consid- 
ered by Brazil and Argentina 
in the 1940s, but the idea was 
never implemented. The two 
countries tried again in 1986, 
but an accord could not be 
signed because both countries 
were chiefly exporters of pri- 
mary products. 

Mercosul will help Latin 
American countries escape leg- 
acies of protectionism and 
statist governments. After be- 
ing labeled “union of the poor- 
est,” in comparison with the 
trade bjocs of the northern 
hemisphere, Mercosul is gain- 
ing respectability. Trade 
among the Mercosul countries 
has quadrupled since 1990 to 
nearly $10 billion. 

The trade agreement can 
also open the doors for its 
members to join the American 
and European trade blocs. Ar- 
gentina, with gross national 
product of $253 billion, ex- 
pects an opportunity to join 
the United States, Canada and 
Mexico in the North American 
Free Trade Agreement. South 


and North American represen- 
tatives will discuss the idea fur- 
ther with President BiU Clinton 
of the United States during the 
summit meeting of the Ameri- 
■ cas in December in Miami. 

“Argentina is ready to join 
NAFTA,” Argentina’s presi- 
dent Carlos Menem said recent- 
ly. “But we cannot appear as 
the needy asking to be allowed 
in. When they invite us. well be 
there. And if they invite all of 
Mercosul, all the belter.” 

Chile, whose $40 biiiion 
economy is also a likely 
NAFTA candidate, is angling . 
to join Mercosul. Lima has es- 
tablished tight ties with Brazil 
and Argentina, its third and 
fourth biggest trading part- 
ners. Mercosul markets al- 
ready take more than 40 per- 
center Chilean Output. 

Brazil is a long way from 
joining NAFTA but the push 
its economy gets from Merco- 
sul will add to growing trade 
links with the United States. 
Melvyn Levitsky, the U.S. am- 
bassador to Brazil, said in an 
interview that bilateral trade 
could soar 36 percent to $19 
billion this year. “The success 
of Plano Real wDl allow Brazil 
to be stronger and more stable 
and to honor its international 
responsibilities,” he said. 

Mercosul will begin as a cus- 
toms union, with trade among 
the four member countries tar- 
iff-free and unified tariff rates 




applied to imports from other 
countries. These will vary from 
0 io 20 percent, depending on 
the product. Each country also 
wiH present its own list of ex- 
ceptions. 

The trade pact also men- 
tions the necessity of gradually 
coordinating macroeconomic 
policies, a process that would 
further the region’s integration 
into the global economy. 

“Brazil is starting to realize, 
itspotential as a player in glob- 
al markets after so many years 
of dosing its markets to for- 
eign trade and investment,” 
Mr. Levitsky said. “NAFTA 
and Mercosul will soon form 
the basis to create a free trade 
zone covering all the Ameri- 
cas.” 

ANDREA FORNES is foreign 
editor of FoDia de Sao Paulo. 


By Lawrence MaBrin ' 

EW YORK — On 
Wall Street last year 
they were talking 
about the Mexican 
Miracle. Now it is the Brazilian 
Bonanza. Both countries offer 
a hopeful if uncertain outlook 
for reform, demand strong 
nerves as elections approach, 
and are key regional econo- 
mies with opportunities for the 
long term. . ; 

“Last year I was in Brazil 
and there was nothing but pes- 
simism; that has turned 
around,” said 'William R. 
Rhodes, vice chairman of Citi- 
corp. With the prudence of ode 
who spent a decade unwinding 
Latin American debt as the 
chief negotiator Tor U.&-. 
banks, he advised: "What is 
important now is to be sdeb-' 
five. In Brazil as in anyplace 
else, -you have to .know the 
country,- the industry and the 
company." • f 

Money has started flowing 
back into Brazil with the initial 
success of July’s anti-inflation 
program and the issue of the 
real. Brazfl’s sixth and, it [is 
hoped, last new currency m : a 
decade This capped a half- 
year in which Brazil became 
the last and largest Latin 
American debtor to restructure 
its foreign debt, which totaled 


$49 billion, arid its finance 
minister and architect of the 
stabilization plan. . Fernando 
Henrique Cardoso, resigned to 
run for president. The World 
Cup soccer victory hdped,.too, 
in building confidence. ' . . 

As the polls reported Mr. 
Cardoso pulling ahead of the 
socialist candidate, Luis TpVirio 
Lula deSflva, the SSo Paulo 
stock market shot up 30 per- 
cent during the first six. weeks 


dons environment, so imagine 
what they would do in a good 
-one:" He sees Brazil as a coun- 
try rich in entrepreneurial vi- 
tality and natural resources 
lie the United States in the 
19 th century.' ‘"Who knows 
what more is to be found?” 

. In financial terms, the lock 
Of Brazil’s sheer size makes it 


of the .reform, program. Much . GODipBIlieS fi&Ve 
of this was based.onUtde more • 


ui Loia wn> oascu.on uiue more J* 

than hope that Mr. Cardoso QQI1C a, 2000 JOD 01 
would be elected,. privatize in- j- D . • • 

d us try and reorganize Thena- Q0H12 DUSH16SS U1 
tion’s finances to reduce , its c ' 
chronic budget deficit.,., ... 

But : foreign investors “are 
starting to-be more positive 
and they are afraid of being 
caught short if Brazil' really ; ij j - 
does work things out” said : • WOIllCl uO lfl. 3, 
Michael Iwanski, chief fin an- /r-‘ • J V 
rial officer of Garantia Inc. gOOCl 0116. . 
the New York brokerage sub- ' 

sidiary of BraztTa most profit- - 

able investment bank. He says 
foreign money is flowing into 
about 15 blue chips ju sted 
banking, retail trade, auto 
parts, utilities, and telecom- 
monkatiopg . 


alioixenaous 
environment, so 
imagine what they 


an inevitable magnet for capi- 
virtually in 


Howard J. Leonard, Brazil 
portfolio manager for Temple- 
ton Funds, says “Companies 
have done a doggone good job 
of doing basin ess in a horren- 


Election Is Seen Improving Prospects for Privatization Plan 


By Conrad de Aenfle 


N ICE work if you can get it, might be 
the best way to describe Brazil’s 
program to privatize state industry. 
The companies that have been freed 
from governmental control have shown imme- 
diate and substantial improvement in their 
operations, only there just haven’t been that 
many of them for a country as large as Brazil, 
in the opinion of consultants and analysts who 
follow developments there. 

“It is essentially stalled: it’s been very slow 
in developing,” Rodney Lord, editor of Priva- 
tization International' said of the program. 
“There have been a number of substantial 
sales. In that sense it has been modestly suc- 
cessful but once Collor was replaced by Ita- 
niar Franco. Collor being very much in favor 
of privatization and Franco's position being 
equivocal the program was bound to move 
forward much more slowly.” 

Under Fernando Collor de Mello. Brazil 
disposed of state assets worth $3.55 billion.. 


Mr. Lord said. During the Franco administra- 
tion, the value of privatized companies was 
$3.24 billion. 

“At the beginning of the year they said there 
were 36 companies that were going to be priva- 
tized this year, including 1 9 in the petrochemi- 
cal sector,” said Elizabeth Morrissey, an 
emerging markets specialist at KJeiman Inter- 
national Consultants. But none of them went 
ahead. “Over the last several months, there 
were several offers that just failed: there were 
no takers,” she said. 

Among the sales that fell through for want 
of buyers were a 23 percent stake in an electric- 
power company by the state of Espirito Same 
and an 80 percent interest in a copper compa- 
ny called Minera^ao Caraiba. A report by the 
Lehman Brothers investment bank notes that 
the latest failure marked the third lime the 
government had tried to sell the interest in 
Minera^ao to the public. 

The privatization program “has got to wail 
until everyone's sure the new economic plan's 


working and inflation’s going to be minimal” 
Ms. Morrissey said. 

“Everything’s been put on hold until after 
the election,” she added. 

Wfaat gives analysts and officials hope that 
the program will move ahead is the recent 
surge in opinion polls of Fernando Henrique 
Cardoso ahead of the Oct. 3 vote. 

“The privatization mood in the country is 
gaining a bit of momentum, given that Car- 
doso is clearly leading in polls now." said 
Emily McLaughlin, who follows events in Bra- 
zil for the fund management company Foreign 
& Colonial Emerging Markets. 

Noting that most of Brazil’s leading busi- 
nesses are state owned, she said: “There will 
have to be a lot of loing and froing within the 
government over whether authorities will bile 
the bullet and relinquish control If Cardoso is 
elected 1 would expect this issue to come under 
the spotlight relatively quickly.” 

The privatizations that have been accom- 
plished so far “have gone very well indeed.” Ms. 
McLaughlin said. “We’ve seen enormous im- 


provement in terms of the way they operate.” 
The sales of three steelmakers, for instance, 
“have been inery wdl received by the market and 
have been hugely successful. They are very wdl 
run; management has proven its mettle:” 


taL Tt is virtually impossible 
for investors to structure a Lat- 
in American portfolio without 
Brazil said Moises Naim, the 
former Venezuelan industry 
minister who now is a senior 
fellow at the Carnegie Endow- 
ment in Washington. - 
. Tie “wave of money” pour- 
ing 'into, emerging markets 
from pension funds and sav- 
ings m the industrialized cotm- - 
tries in the northern hemi- 
sphere has been veracious, he 
said, but has been scaled back . 
by.'the attraction of rising in- 
terest rates in Europe and the 
United States. What he cannot 
predict is whether the rates will 
pose a financing problem for 
e me rgin g countries “because 
investors may prefer less risk 
for a good reward in the indus- 
trialized countries.” 

So far that is not the-case, 
said Pedro Pablo Kuczinski of 


If the political wiD and economic means can be 
found, the next batch of privatizations is likely to 
come in three industries: electric power, oil and 
petrochemicals, and telecommunications. 

The challenge will be in selling off the petro- 
chemical companies. These made up more ~ .. . . , - • 

than half of the ones that were supposed to. 2£?S?L2E!£ 
have been sold this year. 

Because of the strategic nature of any coun- 
try’s energy sector, some developing nations 
are reticent to let those industries -Call into 
private hands. Ms. McLaughlin believes that 
after the state's electricity and telecom con- 
cerns are let go, “then the biggest battle will be 
over oil,” ana the debate will begin on privatiz- 
ing the giant state monopoly Petrobras. . 


CONR.4D. DE AENLLE writes about economic 
and financial subjects from Paris. 


which is seeking to place $250 
to S3G0 million in Latin Ameri- 
ca by investing directly in indi- 
vidual businesses on behalf of 
Salomon Brothers and other 
investment funds; \ 

Just back from a visit to Bra- 
zil Mr. -Kuczinski a former 
industry minister in Peru, said 
direct investment is preferable 
for any country because port- 
folio investment can always 
flow out as hot money. Of last 


year’s estimated $20 billion 
worth of direct mveson^i ui 
Latin America, he said abwt 
half went to Mexico and only 
about $3 billion to Brazil even 
though it is Latin Americas 
largest market 
“That sum will increase dra- 

jmaticafly to $7 or $8. btihon if 

the election proceeds m an or- 
■ deriy way and Braal gets its 
fiscal bouse in ratio; Mr- Kuc- 
zinski said “By that 1 mean 
ending subsidies to the north 
and simplifying taxes — and ! 
know because I once ran a busi- 
ness in SSo PSaukr and was sub- , 
ject to 56 different taxes. 
“Companies need capital 

because they are straining lhar 

capacity, and investors are just, 
waiting for the political out- 
look to clarify” 

. ' Mr. Kuczinski believes that 
if Mr. da SBva wins the elec- 
tion Brazil’s outlook would 
damp en because he would 
have to reward his union sup- 
porters. But Mr. Rhodes of Ci- 
ticorp prefers to “look past the 
election, and perhaps several - 
elections, to Brazil’s future 1 
with all of Latin America.” He 
added: “Economic integration 
is the way for Brazil” 

As for the North American ( 
banks, the freewheeling loans 
to governments that exploded 
as the Latin- American debt-' 
bomb of .1982 will never re- 
turn- Banks are -raising money 
for specific projects, and cli- 
ents. Citicorp’s Brazilian sub- 
sidiary has just returned to the 
Eurodollar market to raise $60 
million over three years for 
Brazilian businesses. 

. The future for international 
banks, said Mr. Rhodes, lies 
with a new technique called co- 
financing to underwrite badly- 
needed infrastructure loans to 
public utilities. Unlike the bal- 
ance of payments loans of the 
1970s, their projects have a spe- 
cific and accountable rate of 
return. Badly burned in the 
debt crisis, the banks are push- 
ing a solution devised by Mr. 
Rhodes in which the World 
Bank or other public lenders 
would examine a project and 
pul up perhaps one-quarter of 
the money. With this seal of 
approval the banks would then 
lead the rest of the money. 




In order to understand ail the details of the Brazilian economy, politics, business 
and finance, you need to posses the most complete and precise information 
available and that, only the Gazeta Mercantil can offer. 

Thanks ro its editorial comprehensiveness, independence and credibility, Gazeta 
Mercantil achieved the status of the most important business and financial 
newspaper of Latin America. 

It is a true guide for those who want to invest and do business in Brazil. 

Gazeta Mercantil also publishes the Gazeta Mercantil International Weekly 
Edition, an English-language newsletter containing a summary of the most 
significant economic and political issues of the week. 

If you want or need to improve your knowledge of the Brazilian economy look for 
the one that can give you it. 


GAZETA MERCANTIL 


THE BRAZILIAN BUSINESS NEWSPAPER 
To subscribe or advertise, call (55-1 1)547-3437 


T HE frost damage to Brazil's cof- 
fee crop this winter is thought by 
many not to have been as costly 
as the government has estimated. 
But even if the worst estimatesprove accu- 
rate, Brazil’s decreasing reliance on agri- 
culture in general and coffee in particular 
will ease the pain of the blow. In fact, 
Brazil may even turn a profit from its 
misfortune, thanks to the penjerse nature 
of commodity markets and the people 
who trade on them. 

The Brazilian government late in July 
estimated that 10.7 million, 60 kilogram 
bags erf coffee from the 1995-96 crop 
would be lost due to frost or roughly 40 
perceat of the 26.4 million bags of arabica 
coffee originally expected to be harvested. 


(The 60 kilogram, or 132 pound, bag is the 
standard unit of exported coffee.) 

The extent of the damage to the crop ; 
and, more important for the longer term, 
to the trees themselves is difficult to gauge 
because the affected crop will not mature 
for more than a year. 

“It depends upon the severity of the 
frost," explained Bob Haler, director of 
research at the Knight-Ridder Commod- 
ity Research Bureau. “If it’s severe 
enough, it can actually kill the trees; 
There's no way of knowing what the im- 
pact of this cold snap was until two or 
three years.” 

Even so, the coffee markets in New 


York and London expected the worst- In 
mid-July, traders swooning from a specu- 
lative fever wrought by the Brazilian frost 
pushed the price of coffee futures more 
than three times higher than the levels at 
which they had been trading. 

Coffee for September delivery climbed 
past SZ70 per pound on the New York 
Coffee, Sugar and Cocoa Exchange after 
having hovered around - 75 cents per 
pound before the freeze. 1 - 

The tripling in the. -futures market 
should have given traders representing 
Brazilian coffee mterests.-ample opportu- 
nity to- lock in high prices for the goods 
they will deliver in coming years, probably 
more than enough to -make up for the 
portion of the crop lost to frost. 

*Tm sure Brazil will come out ahead if 
they were hedging, selling ’around $2.70,” 
said Walter Spilka, a trader in tropical 
commodities for ED&F Man “They 
would have made large amounts of money 
to offset- what theyTl lose in the cash 
market. They’re sophisticated traders.” 

More sophisticated, most likely, than 
those who were buying as the price spiked 
higher. Since topping out at $2.74, the 
September futures contract has fallen 
bade to around $1.83. ... 

“What the market is saying right now is 
that what was a damagmg frost probably 
is not as severe as originally estimated,” 
Mr. Spilka said. 


lAWRENtt MALKIN is the 
New Jfork bureau chief of the 
International Herald Tribune. 




The dizzying price fluctuations reflect 
the importance of Brazil in the world 
coffee market- In the year through June. 
Brazil exported 1.1 million bags of coffee, 
according to the World Coffee Organiza- 
tion, an industry group. That represents 
18 percent of the world’s total coffee ex- 
ports and 26 percent of the exports of 
. high-grade arabica coffee. ' 

Brazil's total ranks a dose second to the. 
1.18 million bags exported from Colom- 
bia. The two countries are by far the 
biggest exporters and so dominate the 
. market that the coffee organization’s sum- 
mary of figures, lists Brazil, Colombia and 
“all other arabicas.” 

White Brazil supplies a critical portion 
of the world oouee crop, that crop is 
becoming increasingly less important to 
the Brazilian economy as the country ex- 
pands its industrial capacity. 

“Like many emerging markets, you go 
through a natural process of economic 
diversification to manufactured gnod 8 ?. 
and ^Brazil has been a key example of 
this,” said an economist for an interna- 
tional development organization. 

Between .1991 and 1993, the- value of 
Brazil's coffee exports fell from $L5 bH- 
lion, or 4.7 percent of the country’s total 
exports, to $ 1 billion, or j ust 2.6 percent of 
eaqiorts, according .tofigorescompiledby 
the Brazilian central bank. 


f 


'The Squid’ Takes On 
Big Economic Fish 



To Cardoso’s Future 


Continued from Page 15 

with the greatest likelihood of 
changing the system.” 

The biggest charge against 
him is his lack of experience. 
Lula has never been elected to 
public office. 

“We are breaking a big bar- 
rier” Lula said in an interview. 
“I don't think many people 
know Brazil like 1 do. The elite 
who have been receiving bribes 
to build roads and bridges 
don’t have any right to talk 
about experience. I want an- 
other type of government.” 

The 1989 loss, however, had 
a moderating effect on Lula’s 
message. He now talks about 
partnerships between private 
industry and the state rather 
than ending capitalism. 

. Other countries such as Ar- 
gentina, Chile and Mexico 
have moved more rapidly than 
Brazil on economic reform and 
have seen their economies pull 
out of nosedives. Under Col- 
lor, Brazil joined the rush to 
privatize stale-owned compa- 
nies, reduce trade barriers, bal- 
ance its budgets, and renegoti- 
ate staggering foreign debts. 

But, lour years later, more ■ 
than 35 percent of Brazilians 
still earn less than the $65 
minimum monthly wage, five 


million primary-school-aged 
children don't attend classes 
and social services are in col- 
lapse. 

To correct such problems, 
Lula calls for a sharp increase 
in the minimum wage, the cre- 
ation of five million more 
places in public primary 
.schools, the aid of privatiza- 
tion and the possible return to 
. state ownership of already pri-. 
vatized companies, increased 
tariff protection for Brazilian 
'industry, incentives Tor the 
manufacture of consumer 
goods, the restriction of for- 
eign capital an increase in sub- 
sidies for small and medium- 
sized- agriculture, the 
disappropration of farms and 
estates for the settlement of 
landless peasants and the- ur- 
ban poor, and a re-rtnegotia- - 
lion of Brazil’s foreign debt, 

“I don’t want to talk about 
the false modernism of oab- 
liberalism pushed by the devel- 
oped countries,” Lula said,. 
“The worker is paying the 
price for this. U we don't re-! 
solve the problems of hunger, 
unemployment and lack of 
education now, we won’t solve 
them in lOOyeaxs.” • 


JEB BLOUNT writes from Rfo 
for The Washington Post. ■ 


Continued from Page 15 

reshtence in the United States, 
He wrote long papers critical of 
neoampertehsm, the doctrine 
t h at says that European an d 
American commerce is really a 
new form of colo nialism 

•Tn the interim, however, his 
ideas have changed, and he is 
now a Social Democrat in the 
mold of France's Francis 
Mitterand or Spain’s Felipe 
Gonzales. - 

-Mr. Cardoso's- positions 
have attracted powerful allies 
across the spectrum of Brazil- 
ian politics. While his party is 
squarely positioned on the cen- 
ter left, much of the country’s 
right wing has attached itself to 
his. party for lack of a viable 
candidate and out of fear of 
Lute. . . . 

. Mr. Cardoso’s vice presiden- 
tial nmningmate/MarcioMa-' 
rial, comes from the Liberal 
Front- Party, which is linked to 
the nearly: feudal ruling classes 
that; control the plantation- ■ 
do m i n ated economies . of the 
northeast and Brazilian interior. 

Lula accuses Mr. Cardoso of 
selling out: to the right wing 
“ehtcnvitb links to themxKtaiy.'*- 
Mr. Cardoso, however, says 
the times call for a broad coali- . 
tion^'Wby should we be 


ashamed,” he.said. “The c 
try is in crisis. It is like an 
nomic war. What we are d 
is. exactly what Israel dii 
times of difficulty and Fng 
did during the Second W 
War. We need' consensus.” 

Mr. Coelho also admits 
ihe campaign needs- the Lit 
Front because of the weak 
of Mr. Cardoso's party in 

northeast a . Lute strong] 
and the second largest pop 
turn area after the Rio de 

neiro-SSo Paulo-Bdo Horic 
te dominated indust 
regions to the south. 

Bui if his platform is Ion 
the need for economic re 
checks, it is short on spe 
promises. And -accordmi 
f promises, 
calls for economic restr 
are what win Brazilian i 
nons. 

“I want the plan to \» 
toot I m not sure it wilL” 
j^ejandre Banos, a Braj 
°ased political risk ana 
plan may work in 
beginning, but several mo 
arealong time b politics, i 

SSffSSKS 


Jcb Blount 




fKf sr.vw Ik-— 


INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29 , 1994 


Page 17 


O N 


A Y 







'» a, 


&>n[: 


l 


■\n; 


The U.S. Open Calls 

>n’t His Style 




\ , . By Robin Frim 

Jllm Tori Uia*o Scfrfot” ' 

R OSLYN, New Yodci-r He’s sitting oo the 
sofatodredinlpa staring match with the 
television, set as he digests ms defi sandwich 
and daily dose of ahti^dlammatoik& There’s 
a chanmWbwj^ to SB the void in his racquet 
hand, amfwhepevcr he gets tired of watching 
golf, be can retire to the foor-poster bed in a 
room betaeps as cool and dark as Dracula's 
vaults the better to g fit bis beanty slccp.Or, in 
hiscas^^jxr^deqp. .. 

“This is it. this is my life; it’s Bee brine a 
retired /person,** said Pete - Sampras, 
world's. top- - v - - 

ranked 'tennis Va n ta n ** 
player and the 

defending . P< ” m 

champion of. - J 

the. US. Open, the event that is dragging him 

away from sixweeks of forced inactivity. . 

**I have to play, have toT* said Sampras, who 
fonnd oot tins summer that it’s no fun being a 
retirees* 23. “If I wasn’t going to play, Td have 
to leave the country.” 

Right now, Sampras is handling, his final 
weekend of Open preparations with classic 
Sa mpr as 'understatement.' Not for him ih ejoJl 
of high anxietythal cranes along with a high- 
rise suite m a married Ncw^ Gtyhotd on 
a frenzied dty boulevard that mandates a fren- 
zied commute to Queens County, home of the 
world's '.meed chaotic Grand Slam. - 
“Ugh,” said Sampras, who is neither urban 
nor urbane. “1 just really don’t like the dty;. it’s 
not my scene.” : 

• Instead, Sampras is sequestered _away in sc* 
rcaityM a tiny brick hold hidden in a woodsy 
glen on the North Shore. The only cacophony 
comes from the occasional pack of seagulls. Lra 
the circuit's high rollers take M a n ha tta n ; Sam- 
pras prefers this pleasant dice of suburbia 
where ihere’s nothing to do, nowhere to go, and 
plenty of time to beaL ■ 

The tactic appears to have worked. The 
ten dinitis that cost him five hardcourt stops oa 
the summer tour has abated, and although that 
injury has dovetailed into a calcium deposit on 
the ligament beneath his inside ankle bone,. 
Sampras has vowed to overlook it or, as a last 
resort,- to zap it with cortisone. 

Moderate in most matters, particularly med- 
ical ones, Sampras is wdfing to be a bit of a 
radical 'When itcooaes to this particular tourna- 
mcnL fa the space of four years, the Open has 
been his professioaa] launching pad, touch- 
stone, and Achilles’ bed: While Sampras is 
re v e r ent regarding Wimbledon, where he is the 
two-time defending champion, he’s positively 
passionate about me Open. 

This is die event that brought Sampras his 
first Slam title, in 1990, when he became its 


youngest men’s champion at 19. This is the 
*Nnt “Skigx® surrendering to Stefan Edbera 
nLuK 1 992 A nal, goaded him into acquiring the 
hubns of a champion at the expense of his 
humble pie, nice-guy nature. 

“Ether you win it or you don’t; there's 
nothing m between for me anymore,” Sampras 
said. *T fed like I should win h, and no, that’s 
not arrogance talking, it’s just the way I fed. 
Let’s just say I’ve developed a great fear of 
losing. I don c like it.” 

- That’s exactly what his rivals are afraid of. 
; and why they haven’t showered him with get- 
w m card s during his summer convalescence. 

- Sampras was wdl into what he refers to as “a 
pe^ect year” when the nagging ankle p»»« ihai 
he almost forgot about during a masterful 
defense of his Wimbledon title flared with a 
ve n ge ance at the Davis Cup quarterfinals in 
t he N etherlands. Four specialists, five 
tournaments, and countless visits to (he rehab 
room later, Sampras wrote his own prescrip- 
tion for tibe Open. 

** After two weeks of sitting cm the couch and 
cha ng i n g the channel whenever the tennis 
.■ca m e on because I couldn’t stand it that I 
wasn’t there winning those tournaments, 1 
knew the bottom fine was that I had to play the 
Open,” Sampras said. 

Nobody’s imagining that Sampras, his six- 
week stint of couch potatodom notwithstand- 
ing, is anything but the favorite heading into 
the Open. 

Boris Becker, with his pair of hardcourt titles 
and ll-1 summertime record, was backing in 
Ins. omnipotence a week ago after winning a 
final in New Haven, Connecticut, when he was 
abruptly brought back to reality by a question 
about the Open. 

“If I keep on playing this way yes, 1 believe 1 
could beat anybody so long as 1 don't lock 
across the court and see someone named Sam- 
pras,” said Becker, who is gunning for his first 
Open title since 1989, while Sampras is seeking 
Us third Slam title of 1994. 

A ccording to Jim courier, the 1991 

Open runner-up and the only man to de- 
feat Sampras in a Grand Slam setting in more 
than a year, the French Open clay is the only 
place where the Sampras artillery is fallible. 

■ . “The other guys may think that because he’s 
got a sore ankle, they want to make him run 
.around a lot more," said Tim GuDikson, Sam- 
pras's coach. “But if they alter their own game 
style to tty and take advantage of him, 1 think 
that's going to be a big mistake on their part 
Pete’s just gpt so many ways that he can beat 
you. If the serve isn't working, he can stay back 
and hit, or if that isn’t working, he can volley 
you to death. If the other guy isn't at the top of 
ms own game; he’s sure not going to beat Pete.” 


n- 



CTirij Wilkin, i Ajracc Frsnct-Prtve; Refcvn Set* ■ Ajew France-fttue 

Canada’s Rowan Donaldson, left, won 75-kilogram boxing gold at Commonwealth Games; Alison lnverarity of Australia set a high jump record. 

Wales Vaults to a Surprising Games’ Victory 


The Associated Pros 

VICTORIA, British Columbia — It 
didn’t matter to Neil Winter that he won 
the pole vault with one of the lowest 
clearances in a major competition. The 
fact that he had become the first vaulter 
from Wales to earn a gold medal in the 
event in an international meet was far 
more important. 

“I would have been vety happy with 
the bronze or the silver," Winter said 
Saturday, after clearing 17 feet, 8 Vi inch- 
es in the Commonwealth Games, beat- 
ing the heavily favored Okkert Brits, of 
South Africa. “I didn't expect to win. 
Fro very surprised, very pleased, very 
happy.” 

Brits, who had cleared a South Afri- 
can-record 19 feel 2% inches three times 
thus year and had beaten world record- 
holder Sergei Bubka of Ukraine, didn’t 
enter the competition until the bar 
reached 18 feet V4 inch. He missed all 
three attempts at that height. 

“I fee! very bad,” Brits said. “There 
was not a lot of pressure, but I really 
wanted to win the gold for South Africa. 
The Commonwealth Games was the 
most important meet of the year for me. 

“I fen so negative now, that I just 
want to swat something.” 

Brits' loss was one of two mishaps for 
South Africa during a track and field 


program that also proved disastrous for 
several other athletes. 

The other came in the semifinals of 
the men's 1,500 meters, when Johan 
Landsman was accidentally tripped and 
required oxygen as he was carried off the 
track on a stretcher. Landsman, whose 
time of 3:33.56 was the fastest among all 
the 1,500 entrants, later was reported in 
satisfactory condition. 

Pat Scammell of Australia fell in the 
same 1,500 heat, then got up and fin- 
ished the race. But be wound up last and 
fafled to qualify for Sunday’s final. 

England's Qova Court stumbled over 
a hurdle in the women's 100-meter final 
and sustained a wrist iryury, and Nige- 
ria, among the favorites in the men's 
400-meter relay, failed to advance 
through the semifinals because of a 
dropped baton on the first exchange. 

In addition to Winter, Saturday's gold 
medalists included Jamaica's Michelle 
Freeman in the women's hurdles at 
13.12, Australia's Alison lnverarity in 
the women’s high jump at a games- 
record 6 feet 4V4 indies, Australia's Ni- 
cole Boegman in the women's long jump 
with a wind-aided 22 feet 4V4 inches. 
Kenya's Lameck Agutu in the men's 
10.000 at 28:3822. and Canada's Carole 
Roufllard in the women's marathon at 
2:30:41. 

In a semifinal beat of the men's 400 


relay, the Canadian team of Donovan 
Bailey. Glenroy Gilbert, Carleton 
Chambers and Bruny Sunn set a games 
record of 38.63. 

In the weightlifting arena. Romanian- 
born former world and Olympic cham- 
pion Nicu Vlad collected three gold 
medals at his first appearance in the 
Commonwealth Games. 

Now competing at heavyweight for 
Australia, Vlad, 30, broke the Common- 
wealth mark with his second lift: a 
snatch of 186 kilos to clinch the gold. 

Vlad, Olympic titlist in 1984 and 
world champion in 1986 and 1990. easily 
won the dean and jerk with a lift of 220 
kilos. The nearest to him was Nigeria’s 
Innocent Chika who lifted 200 kilos. 

Vlad also won the overall gold, with 
Chika finishing second in all three and 
Gareth Hives, of Wales, who once 
served a suspension for drug use, collect- 
ing bronze in all three. 

Malaysia, which hosts the games in 
Kuala Lumpur in 1998. won its first gold 
medals on the penultimate day in the 
badminton events. 

Rashid Sidek, the favored player, 
overwhelmed countryman Ewe Hock 
Ong. 15-6. 15-4. Soon Kit Cheah and 
Beng Kiang Soo downed England's Si- 
mon Archer and Christopher Hunt. 15- 
10, 15-9, in the men’s doubles final. 

Australia’s Lisa Campbell beat Cana- 


da’s Si-an Deng, 1 1-2, 1 1-5, to win the 
women's singles. 

Kasumu Takahashi who was born in 
Tokyo, lives in Los Angeles and com- 
petes for Australia, added four golds to 
the overall title she won Friday in rhyth- 
mic gymnastics. She triumphed Satur- 
day in the hoop, the ball, the dubs and 
the ribbon competitions. 

Twelve boxing finals also were staged 
Saturday, with Canada winning four, 
■Northern Ireland and Kenya each win- 
ning two, and Nigeria, Scotland, Austra- 
lia and England each coming up with one. 

■ Ghana Athletes Stray from Games 

Six Ghanaian track competitors re- 
ported missing from the Common- 
wealth Games were seen Saturday 
morning in Sudbury getting off a bus 
from Vancouver and boarding a Mon- 
treal-bound bus. The Associated Press 
reported. 

A Sri Lankan boxer and a Nigerian 
gymnast also are missing from their 
teams. 

Authorities throughout Canada have 
been alerted about the missing athletes. 
All 3,500 visiting athletes were granted 
six-month visas U> stay in Canada. 

"We just want to verify that they’re 
safe and sound,” a police spokesman 
said. 


NASDAQ NATIONAL MARKET 


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Page 18 


INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


MONDAY 

SPORTS 

Wishing on Stars at U.S. Colleges 


By Malcolm Moran 

Ne w York Tima Service 

SOUTH BEND. Indiana — His jersey is 
already for sale. Not just in the bookstore 
across campus from Notre Dame Stadium, 
where long lines form on those autumn 
Saturdays as parents buy blue, gold and 
white mesh shirts so huge that die bottoms 
flop to the shoe tops of their children. 

The place Ron Powlus has already 
reached as one of the most anticipated 
players in the history of Notre Dame foot- 
ball can be found on page 4 of the universi- 
ty’s glossy catalog, the Gameday Collec- 
tion: “Authentic Notre Dame Football 
Jersey. Number 3 jersey on gold suede mat 
framed in rosewood. Etched plate below 
jersey in mat lists the 11 years of ND 
National Championships. Title: “The Tra- 
dition Lives On,’ $650.” 

For now, the value has been produced 
by those who have already come and gone 
in No. 3, leaving signature last-minute ral- 
lies as their links in the chain. 

Mirer. Montana. They established the 
standard that Powlus will accept when be 
pulls his No. 3 over his head Saturday 
evening at Chicago's Soldier Field for the 
game against Northwestern, his first game, 
at the start of Notre Dame's season. He 
has gained a strong sense of the unique 
demands, expectations and responsibilities 
that have been passed along to the latest 
quarterback of the Fighting Irish. 

His presence has become an important 
reason the Irish are expected to remain a 
championship contender, perhaps all the 
way to the bowls. His skills would have 
made him a starter a year ago if not for a 
scrimmage pDeup that left hun with a frac- 
tured right collarbone, which was later 
broken a second time. The echoes are wail- 
ing to be awoken. 

There is one small problem with the 
inheritance of this legacy. The question 
was asked of the muscular 20- year-old 


with an easy laugh and deep-set eyes that 
convey a sense of wonder not yet hardened 
by the glare. All this hype and expectation. 
All this coast-to-coast attention, already 
more than many starters, even here, receive 
in their lifetimes. 

The questioner began: “And you 
haven't ..." 

And Powlus finished: "... done a 

thin g" 

He hasn’t done a thing. Not by his 
standards, or those of the 59,075 who will 
fill a town and a stadium on six Saturdays. 

Like all the others in his positions, Pow- 
lus, 6 feet 4 inches and 211 pounds, has 
inspired Coach Lou Holtz's pointed obser- 
vations on the practice field. “He asked me 
if J was on scholarship,” Powlus remem- 
bered from the spring. “He asked me what 
I was doing here.” 

It has been a frustrating question for a 
sophomore whose future was protected — 
and his progress constrained — by a yel- 
low jersey. Throughout the spring, the jer- 
sey said “Don't Touch,” a concept that 
coatradicts his aggressive approach to the 
game, which was developed throughout a 
childhood in Berwick. Pennsylvania. 

The hard-nosed environment led Powlus 
to believe that a punishing, drive-extend- 
ing 3-yard run can be as important for a 
quarterback to execute as a perfect 40-yard 
spiral. For the longest time, the yellow 
jersey put his resourceful toughness aside. 

”1 couldn’t play the game the way a 
quarterback, or anybody, should play the 
game,” Powlus said. “1 had to worry about 
slaying a certain distance away from peo- 
ple instead of actually getting tackled. So 
the physical part turned into me thinking 
about it more." 

□ 

Fellow students, other athletes and fans 
from all walks of life want to know why J J. 


Stokes is still in school at the University oi 
Califomia-Los Angeles instead of catching 
passes for big money is the National Foot- 
ball League. 

M A Iot'of people said that if they were in 
the same situation, they don't think they 
would be back,” said the country’s premier 
collegiate receiver. 

An all-city basketball player in high 
school in San Diego, the 6-foot-5-inch, 
223-pound fifth-year senior was recruited 
by most schools as a tight end. 

There was even brief talk among the 
Bruins coaches of moving him to defense 
to play outside linebacker. 

“Basically, when I got here, 1 told them 
if that's what you want me to play this will 
be my first day and my last day at UCLA,” 
Stokes said. “I don't play defense.” 

A lot of defensive backs wish he did. 
After three seasons, Stokes holds virtually 
every UCLA game and season receiving 
record and win probably have them all by 
the end of tins season. A unanimous first- 
team all-America selection last year, he 
was the Pacific- 10 Conference offensive 
player of the year after leading the league 
in scoring, finishing second in receptions 
and receiving yardage and ninth m all- 
purpose yardage. If he would have opted 
for the NFL draft, he was projected as a 
top- 10 pick. 

Stokes was seventh in the balloting for 
the Heisman Trophy as the country's best 
player. The six who finished in front of 
him are all in the NFL now. 

“Absolutely. I don’t think there is any 
question,” said the Bruins coach, Terry 
Donahue, when asked if his receiver de- 
served to be a Heisman favorite this year. 
“But there is no question that it is harder 
for a wide receiver, especially one who is 
not a return man, to win it, as well." 

(NYT) 



Gary A. Cndctm/Renten 

Venezuela’s winning pitcher, Cesar Hidalgo. , 


Baseball Season Facing a Full Count 




Vwytuw crp V"* " — r • • - 

WILLIAMSPORT, Ptamsyhrania — In a one Vetoed 3 
houis 5 minutes by rain, Venezuela ended the United States s • 
two-year run as World Little Leag ue ch ampion s on Saiiuott» j 
Maracaibo, Venezuela, beat Ncnhri^ge, 
coming the first Latin American team. to wm the title smee i HSt 

** Thi^ was so important tons and to our country beCMtseag*. 

T^ yin American team had done it in so long," said Rameff,;. 
Diaz, who manages the Maracaibo team. , 

. The game was scoreless in the tbird inning when rain, 
and ligh tning stopped play. The storm left a load of watts in ' 
the outfidd and when the game resumed, it was 7:20 FM* . 

“That r»n really got us,” Northridge shortstop Matt HSaer- 
said- “We had the momentum, but after we stopped, they 
scored right away and turned h around.” • 

The thunderstorm dropped 3 indies of rain and left abort 
. 10-inches of standing water in the left fidd.comer. 

“My son made the last out, and I am defected, but I am so. ... 
proud of Hm of all the boys," said Greg Frost, father of 
r Michael Frost. “We lost because. we got beat by a tea m that ;;, 
played bettor than us today. Believe me, our kids will accept.: 
that.” - ‘ (fCYT, LAT) K. 


By Mark Maske 

Washington Post Service 

WASHINGTON — With 
perhaps less than three weeks 
left to salvage the 1994 season, 
baseball's labor talks have 
reached another lull. Officials 
on both sides of the dispute said 
at the conclusion of last week’s 
talks that they did not expect 
negotiations between the team 
owners and striking major 


league players to resume before 
Tuesday or Wednesday. ■ 

The players’ strike will reach, 
its 18th day Monday, and there 
is growing sentiment that the 
season is destined not to resume 
and that the World Sales will 
be canceled for the first time 
since 1904. Philadelphia Phil- 
lies pitcher Curt Schilling, after 
emerging from a brief and un- 
productive bargaining session 
last week in New York, said he 


did not believe there would be 
any more major league games 
this year. 

Monday appears to be the 
target for getting the next bar- 
gaining session scheduled. “At 
this point, 1 don't know when 
the next meeting wiD be, or even 

if there will be a next meeting,” 
said Donald Fehr, who heads 
the players’ union. 

Many owners have said mid-. 


September is the point of no 
return for this season. After 
that, the owners may lose inter- 
est in attempting to reach a set- 
dement, sources dose To the 
process say. The two sides have 
met only three times since- the 
strike began- Those sessions 
produced no movement on the 
central issue in the dispute — 
the owners’ insistence upon 
finding a way to contain play-; 
ess* salaries. 


IARD 






Japanese Leagues 


Belgian Grand Prtx 




Central League 



W 

L 

T 

Pet. 

Yamlurl 

62 

47 

0 

569 

Hiroshima 

55 

52 

0 

.514 

Hanshin 

54 

55 

0 

.495 

ChunichJ 

53 

55 

0 

.491 

Yakull 

49 

56 

0 

M7 

Yokohama 

49 

57 

0 

462 


Saturday* Results 


Yokohama 1. Yomlurt 0 




Hiroshima A. Hanshln 2 
Yakult 6. Chun I chi 2 

Sunday's Results 
Yokohama 1 Yamlurl 2 
Hiroshima Z Hontfiln 0 
Chun IchJ 9, Yakutt 7 

Pacific uonw 


Too H nii hc ro Sowday oaWwT.UU m omtof 

(443J-mllcJ Spa-PraocorctHiinm dr-cull with 

driven naMnMty, team and lira: i.Micnoei 
Schumacher. Germany B e n etton Font 1 hour, 
28 mlnum 3L306 seconds. 308-705 kph ( 153.71 1 
mohl; z Demon Hill, Britain. Williams Re- 
nault. .1X6*7 seconds behind; X Mika Hofc- 
klnen. Finland. McLaren Peugeot. 1:050X3; 4, 
Jos Verstopnen, Netherlands. Benetton Font 
1 : 24.115; 5. David Coullhard. Britain, Williams 

Reroult, i-J| Mt. 

& Mark Blundell, Britain, Tvretl Yamaha I 
loo; 7, Gianni Mo rbldelll. Italy. Footwork Fora 
I; 8. Olivier Penis. France. Llgior Renault. 1;9, 
Pierluioi Martini. Itatv. NUrardl Fora 1; w. 
Michele Ataarefo, Italy. Minardi Font 1. 

Overall Driver Sfondhws: l, Michael Schu- 
macher, Germany. Benetton Font 86 points: 



w 

L 

T 

Pet 

as 

Z Daman Hill, Britain. 51 ; 3, Gerhard Berger, 

Selbu 

60 

46 

0 

JS66 

— 

Austria, Femp-L 27: 4 Jean AJesl. France. 

Klnlelsu 

SB 

47 

2 

551 

IM. 

Ferrari, 19; X Mika Hakklnen, Finland 

Orta 

56 

46 

2 

5« 

2 

McLaren Peugeot, 12. 

DaM 

57 

50 

1 

532 

3»9 

6 Rubens Barrlchello, Brazil. Jordan Hart, 

Latte 

44 

62 

1 

.416 

14 

10; 7, Martin Brand te, Britain, Me Loren Peu- 

Nippon Ham 

40 

64 

4 

589 

28 

geot. 9; X Olivier Pauls. France, Lister Re- 

SatantaYfc Results 



nault. 9. dial Jos Veretoocen. Netherlands. 


Selbu 7, Nippon Ham 1 
Klnlelsu 6. Orix 2 
Latte 4 Da lei 3 

Sunday's Resells 
Niuean Ham 4, Seibu I 
Orix II. Kintetsu 3 
Latte 5. Da lei 4 


Benetton Font 9; . Mark Blundell, Britain, 
Tvrall Yamaha 7. 

Cow s li t t e r Standings: l, Benetton Ford. 
M; Z Williams Renault 57; X Ferrari, 52; 4. 
McLaren Peuoeat. 21; & Jordan hart, 14 
4 Tyrell Yamtaia. 12; 7, Uoier Renault. 11; 
X Sautter Mercedes 10; 9. Footwork Fora 8; 
IX Minardi Fora S; II, Larrousee Font X 


MEN 

5li>o les. Quarterfinals 
Jacco E If ingh. Netherlands, def. Jan Ape!!. 
Sweden, 7-6 <7-31, 7-6 (7-41; Jonas Blorkmaa 
Sweden, def. Younes El Aynaoul. Morocco. 64 
6-1; Joem Renzonbrtnk. Germany, del. Allarc 
Gaellner, Germany. 6-Z 6-4; Chuck Adams. 
United Slates, dot. Thomas Enqvtat 16), Swe- 
den. 7-6 (7-3), 60. 

Semifinals 

E lunch del. Renienbrink, 7-6 (7-5), 60; Ad- 
ams def. Blorkmaa 6-1 6-4. 

CROATIAN OPEN 
In Urnofl 
Quarterfinals 

Alberta Berasaieoui (1). Spain, del. Gabriel 
Marcus (7). Argentina, 6-3. 6-4; Jardl Arrose 
16). Spain, del. Heman Gumy. Argentina, 2-4, 

6- 4 6-4; Horst Skofi (4), Austria def. Emilio 
Alvaro. SoaM. 6-1 4-6. 6-1; Karol Kucera (8). 
Slovak la def. Emilio Sanchez, Saaln.fr-44-a 7- 
6 17-2). 

Semi fi nals 

Berosatenui def, Arrose, 6-X 6-3; Kucera 
def. Skofi, M.HW- 

HAMLET CUP 
in Com mock. N.Y. 

Slay lei, Quarter final s 
Richey Renrberv. Untied Slates, def. Karel 
Novacek, Czech Republic, 6-X 7-5; Renzo Fur- 
tan. Italy, deL Moitvai Yircaunnton, united 
States, 6-0, 6-3; Yevgeny Kafelnikov (5>, Rus- 
sia def. Michael Charm 13), United States. 3-6, 

7- 6 (7-1), 6-4; Cedric Ptoilne, Franca def. Todd 
Marlin, United States. 7-6 (7-3). 64 

Semifinals 

Kafelnikov def. Renahera. United Stales. 4- 
6. 6-2, 6-4; Plollnedef.Furtaa4-6.7-6 (7-41.64. 


Ft - : • r z r -•••; 

NFL Preseason Standings 


AMERICAN CONFERENCE 
East 


Saturday's Results 
(Final l» re soa«o»i Games) 
Los Armeies Raiders 24 Houston 23 
Chicago 27, New York G kerfs 21 

CFL Standings 



W 

L 

T 

Pts 

PF PA 


Eastern Division 



indtaremiis 

4 

0 

0 

1500 

80 51 


W 

L 

T 

PF PA Pts 

Buffalo 

3 

1 

0 

-730 

62 57 

Winnipeg 

6 

2 

0 

318 253 

12 

New England 

3 

1 

0 

JSO 

99 57 

Baltimore 

5 

3 

8 

236 221 

10 

H.Y. JCtS 

3 

1 

0 

-750 

70 69 

Taranto 

3 

5 

0 

225 301 

6 

Miami 

3 

2 

0 

500 

105117 

Ottawa 

2 


0 

220 285 

4 


Central 




Hamilton 

2 

6 

0 

183 245 

4 


W 

L 

T 

Pts 

PF PA 

Shreveport 

0 

8 

D 

M7 323 

0 

Cleveland 

3 

1 

0 

750 

7S 53 


western Division 



Houston 

2 

3 

0 

500 

93 69 

BrKjCoiumbta 7 

1 

0 

350 205 14 

ChKhmall 

1 

3 

0 

.290 

82 74 

Calgary 

7 

1 

0 

344 134 

14 

Pittsburgh 

1 

3 

8 

-250 

78 80 

Edmonton 

6 

2 

0 

245 167 

12 


West 




5oslrotchewuM 4 

4 

0 

199 229 



W 

L 

T 

Pts 

PF PA 

Las Vegas 

3 

5 

0 

219 243 

4 

LA Raiders 

4 

1 

0 

500 

122 113 

Suuumeiilu 

3 

5 

0 

167 247 

4 

Seattle 

2 

2 

O 

500 

77 51 


Fridays came 



Denver 

2 

3 

0 

500 

102 116 

Saskatchewan 35, Ottawa 19 



Kansas City 

2 

3 

0 

500 

71 93 


Saturday** Games 



San Diego 

1 

4 

0 

300 

90 116 

Baltimore 28. Hamilton 17 




The Michael Jordan Watch 7 ‘TT* \l'i 

l;.- 5 STO.-W -.2 nr.. •.£; — ■ 7 l*.’ ’ -- f-'J 


F R I D AY'S GAME : Jordan want l-for-3 with 
a walk, a single, a strike out and a around out 
In a 4-2 loss to Memphis. He was caught stoct- 
Ina ones. He had two outwits hr left Held. 

SATU RDAVS GAME : Jordan went 2 -tor-4 
with two singles, one run and one stolen base 
In a 64 lass to fhe Memphis Chicks. He also 
grounded out, struck out and walked. 

SEASON TO DATE: Jordan is batting MX 
(BS-for-420) with 43 runs, 17 doubles, one triple, 
three home runs.49R Bis. 48 walks. 108 strike- 
outs and 30 stolon bases hi 48 attempts. He has 
206 nvtautfc five assists and ID errors hi the 
outfield. 


OTB INTERNATIONAL OPEN 
III Sche ne ctady, N.Y. 

WOMEN 

Singles. Quarterfinals 
Nattm!leTouzIat(4),France.aef. Stephanie 
Rattler. Netherlands. 63,6-1; Judith Wtemer 
(81, Austria def. Barbara filthier, Germany. 
7-6 (9-7), 6-1; Larisa Nelland. Latvia def. Na- 
talia Medvedeva Ukraine, 34 74,7-5; Aman- 
da Caetzer (1). South Attica def. Shl-Tiim 
WOng 16). TDlaeL 4-7 (4-7). 6-3. 6-3. 
Semmnols 

Nelland del. Coetzer. 6-3. 6-4; Wlesner def. 
Tauzlaf. 44 6-3, 6-1 


SECOND ONE-OAY INTERNATIONAL 
England ys. south Africa 
Sunday, la Manchester 
south Africa: 1B1-9 
England: 182-6 

Result: England beat South Attica by 4 wick- 
ets and wins series 2-0. 

THIRD TEST 

5(1 Lanka vs. Pakistan, final dor 
Sunday, In Kandy, Sri Lanka 
Sri Lanka 1st Innings; 71-9 (2BJ overs! 
Pakistan 1st Innings: 357 (9 wickets dec.) 
Sri Lanka 2d Innings: 234-9 
Rewifl; Pakistan won bv an Inning) and 92 runs 


Dallas 
Arizona 
Philadelphia 
Wfattilngton 
N.Y. Giants 


Chicago 
Green Bay 
Minnesota 
Detroit 
Tampa Bay 


Son Francisco 
Atlanta 
New Orleans 
LA Rams 


W L T Pts 

2 3 0 - 400 

1 3 0 .250 

1 3 0 330 

1 3 0 250 

1 4 0 200 

Central 

W L T Pts 

4 0 0 1.000 

3 1 9 250 

3 2 0 .400 

2 2 0 JD0 

2 2 0 .500 

West 

W L T Pis I 

3 10 JS) 

3 2 0 MS 

1 3 0 .350 

0 4 0 800 


Friday's Results 
Atlanta 20, Philadelphia 12 
Ondmcrti 38, Detroit 14 
New York Jets 14 Tampa Bay 9 
Minnesota 31, Miami 16 
Green Bay 24. New England 20 
Buffalo 24 Ktxisas City 3 
Washington 22. Pittsburgh 21 
San Fnondsao 13. Seattle 9 


- v r* • : :t-~ 

World Championships 

Resntts Sunday from Aertoentw Sicily In 
ike men’s professional rood race at the World 
Cyclln* Cbompkatsblps: I, Luc LcManc. 
Frcxice, 251.75 kilometers In six hours. 33 min- 
ules, 54 seconds or 3047 lata; X Claud to 
ChtaDpuccl. Italy, 9 seconds behind: X RJeh- 
ardVlronaun, France, same time; 4 Massimo 
Ghlratta, I tafy. 4L; 5,' Dmitry Kcnkdiev, Rus- 
sia, 15 seconds. 

4 Holt Sorensen. Denmark, 42 seconds; 7. 
Lance Armstrong, United Stales, 48 sscands; 
4 LmdeHno Cub too Gonzalez, Spain. S3 sec- 
onds; 9. Blame Rib. Denmark, u.; TO, Piatre 
Ug rumor, Latvia, 59 seconds. 


jSOCCER 


ENOUSH PREMIER LEAGUE 
Aston Villa 1, crystal Palace I 
Blackburn 4 Coventry 0 
Leeds X Chelsea 3 


Manchester CHr 4 Evertnn 0 
Newcastle & Southampton 1 • 

Norwich l. west Ham O' 

Nottingham Forest 1. Leicester 0 
Queens Park Rangero I. Ipswich 2 
Tottenham 0. Man c he s ter United 1 
Wimbledon 4 Sheffield Wednesday l 
Stondtogs: Newcastle 9. Blackburn 7. Mon- 
(hater Untied 7, Nottingham Farest7,Mm- 
cbester aiy 4 Chelseo 4 x-Tettenham 4 1 oe- 
*Kh 4 Leeds 4 Norwich 4. Liverpool 4 
Afienal 3. Aston Villa XSheifleM Wednesday 
X Queens Park Rangers X WhnWedo n. Z 
Southampton 2. Crystal Palace 2, West Honil, 
Evertnn 1, Coventry 1, Leicester 0 l - 

GERMAN FIRST DIVISION 
Bavern Munich 1 Barussta Maenrimngtad- 
badi > 

Karlsruhe SC4MSV Dmsburo 1 
Sdmike 0. Hamburg sv 1 
Boyer uetditmen 1. 1860 Munich 1 
VTB Stuttgort X fc Cotoene 2 
Wvrder Bremen X VfL Bochum 0 
Bennsia Dortmund 2, FC Kaiserstoulern 1 
Dynamo Dresden 1, SC F retains 3 
SSnndJnos: Borussia Dortmund 4 Karttfu- 
he SC X werder Bretasn 4 VTfrStutteari^iSC 
FreUwrg 4 Bayera Munkh4 FC Kataraiou- 
tern X Hamburg SV 3. Bayer Uenttmm X 
Etalracta Frankfurt 2. SriwAte 2, MSV Dids- 
buru2,VfLBachujn2,8onnslaMo*r>cJv2,FC . 
Cologne X Dynamo Drasdwi 1,1860 Munich X 
Bayer Leverkusen 0, 

FRENCH FIRST DIVISION 
Rennes 1. Strasbourg l 
Montpellier l Nantes 3 
Satat-Etimtne 4 La Havre I 
Bordeaux 4 Cannes 2 
Auxerre 4 Lyon 0 
Coen Z Metz 0 
Lille X Bastta 0 
Parts St Germain 1, Monaco 0 
Nice 1, Lens I 
Marttaues Z Sachaux 0 
Standings; Nantes 14 Cannes 13. Sabtt- 
Etteane II. Lens 11, Marttaues u* Lean iv 
Bordeaux 14 Rennes 9, Nfce 4 Strasbourg 4 
Paris SL Germain 4 Sachaux 7. Aukerre 7, 
Monaco?, Ulie 7, Bastta 7. Metz 4MonfpelINr 
4 Caen Z Le Havre 1 

SPANISH SUPER CUP 
Real Zaragoza 4 Barcelona 2 
(Second leg In Barc e lona on Tuesday] 


Commonwealth Gaines 


FRIDAY’S RESULTS - 
TRACK AND FIELD 
Men 

SMI — 1, Frankie Fredericks. Nom tafia. 1*97 
tww (Gomes record, previous record, 
3034 John Regis, England, 1994). z John Re- 
DtSLE ngtanL 2021 X Daniel E mono. Nigeria. 
2040. ’ 

4 M h e ra tes ■ 1 , Samuel Matetn. Zambia, 
.4047 (Games record, previous record. 40 SJ, 
Alan Pascoe, England T 974 ).ZGfiNon Bhvoft. 
KeRyo^ 9 A 3 J, Barnabas KMnr.Kanva^Z 5 Q. 

MS— 1, Patrick Konchefkta, Kenya. 1:4X11. 
Z Hezekiel Sepeng. South Africa. 7M5J4 3. 
Sovfetl NgtahL Zlmtntme, 1M404 
Dtsces— lr Werner Rellerer. Australia. 206 
«eML0lndws.2WUtayraie OloluXu.Nteerta.294- 
II. X Robert Weir. England. 199-4 
High tamp— 1. Timothy- Forsyth, Australia. 
Z3ZZ Stsnhen Smtth, England, 23Z X CeaF 
ttey Parians, Scotland. 231. 

• InH sis T .OMMiio EfSgba, Ntperla. 26 
leetS tad«s.Z DavM Qitaert, Australia, 26-X 
X lan James. Canada, 26-VL 
Wm ee " 

am— 1, Catherine rr — i w« .6ue n»iinrttx 
(Games record, Previous record, 2254 Rae- 
leneBoyte, Australia. 19741. Z Mary OnyoX 
Nigeria, 2234 X Melinda GainstarX Austra- 
lia. 2L64 • 

MS— 1 ,inezTurner^)omaiaL2mlnutad,L34 
seconds. Z Cbarmaiae Croaks. Canada, 
2:0231 X Gladys Woman), Kaiyg,' S^OXIZ 
— tan am I .SoflyGuntwfLEngttxxi.j4Ji 
(Gaatas rocorit previous recan45494 Debbie 
FmdDfMSkw. Australia, 1910). Z Deon Hcm- 
mtaPK JamokxtHUl.XDebbieArin Parris. 
Jamaica, 55121 . 

Ja ratt a — 1 . Loutao McPmA Australia, 209 
tastaiKMxX Kirsten Hetaer.Hew Zealand, 
1994. X Sharon Gibson, England, 190-11. 

SATURDAY’S RESULTS 
. TRACK AND FIELD 
Mee 

Pale vault— L Nell winter, Wales, 17 feet, 1 
3/4 Inches. Gamesrecurd; previous record 17- 
« V4. Stoner ArktaL Australia. 1990CZGwKs 
Hsvwaod. Canada, 17-4 3/4 X James Mlltar, 
Australia 17-4 3/4 

IMS* (task— X Lamecfc Agufu. Kenya 


3 MU 2 Z Tendal Chlmusosa Zimbabwe. 
MU 7 JXX Fodtson Nkandu. Zambia 20 ^L 72 . f 

. HH — — . 

M taerdbs- 4 , McheOe Freeman, Jamai - 
ca 1 X 12 seconds, z JaeaueOne 8 — s 
Enotand, 1 X 14 X 1 P ara uh n rsoa Eagtand, 
ne 

HtaN J wins 1 , Alban InvertrWv, Aa»-' 
lraUa 64 1/4 (Games record, previous record! 
6-4 sat by Katrina Gibbs, Australia 197 D. z 1 
O xniniJu e W ea vers. South Afrkn. 64 I/ 4 1 
(eauais Gome s record). XOebora Marti, Eng - 1 
land. 63 1/4 * 


llen v y w el ok t Oi-kBl— Qmsoor Ahmegita- 1 
nya. det SwMn Gafllnger, Canada 331 ' • 
Smr bemrywi I s bt (pies n-W>— Duncarf 
OaUwarl Ntoeriadef.MIriafnbo Anylnw Kei 
mm. 13-9. ' 


MEDALS 

(Unwed 2>6 events) 

Bald SBvcrBrpne 

TBNtf 

Australia ■ 

85 

49 

41 

m; 

rni..in 

39 

40. 

45 

m 

Engtamf . 

25 

42 

45 

m 

New Zealand - 


15- . 

M 

. * 

Nigeria - - 

10 

13' 

12 

3% 

India 

6 

11 

7 

7*. 

5aatlond 



11 

■ 29. 

Wales' 

5 


4 

W| 

Kenya 

6 


8 

M, 

N. Ireland 

5 

2 

3 

M. 

Soutti Africa 

2 

4 


Hi 

Malaysia 

2 

3 

2 

h 

Jamaica 

2 

1 

3 

i.- 

Zimbabwe 

0 

3 

3 

«. 

Cvprus 

2 

1 

2 

5. 

Zantota 


1 


4» 

Hong Kang 

0 

0 

4 

4| 

Naum 

3 

0 

0 

1. 

Sri Lanka 

1 

3 

0 

3. 

PoMstan 

S 

0 

3 

3. 

Uganda 

0 

0 

2 

2. 

Namibia 

1 

0 

a 

1. 

P. New Guinea 

0 

1 

0 

' 1. 

Sierra Leone 

0 

1 

0 

1. 

W. Samoa 

0 

1 

a 

1. 


Botswana 
-Ghana 
Guernsey . 
Norfolk Island 
Seychelles 
Tanmta 
Tanga 

Tria-Tobago 


DENNIS THE MENACE 


PEANUTS 


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A jubilant Luc Leblanc celebrafmgvictDiy on Sunday. 



For France 


ncao and ibb detendmg cnampion, tar scan place, 
emh place, Armstrong finished 48 seconds behind the 
Unlike the French and Italian contenders, he was not 


Carqnkdby Oir Staff from Dispatches 

AGRIGENTO, Sicily Luc Leblanc of France won the 

ships oa&inday by finishing nine secondsaheacfof whatwas 
left of the international pack. 

Italy’s Claudio Qnappucci was second, outsprmting anoth- 
er Frenchman, Richard Vzreoque, who was third, and as 
Italian teammate, Massimo Ghuotto. 

Breaking away from Ghirotto in the last two kilometers as 
the road dimbed up from the valley of Greek temples. 
Leblanc completed the 25 1 .75-kflometer race in torrid weath- 
er in 6:3354. 

Only 56 of the 170 riders completed the exacting course in 
the heat 

A Russian, Dmitri Konichcv, placed fifth, 15 seconds 
behind. Denmark’s Rdf Sorensen edged Lance Armstrong, 
an American and the defending champion, for sixth place. 

In seventh 
winner. 

supported hy teammates in the last decisive laps because they 
were all left far behind or withdrew from the race. 

The 28-year-old Leblanc gave France Its first men’s road 
title since Bernard Hinault’s victory at-SaHaaches in-1980. 
The wodd championship road race, which is the only race of 
the year conducted For national instead of sponsored teams, 
was dominated by France and Italy. 

Leblanc was not amoag the favorites in the doting event of 
the world championships. Until this race, he had a single 
victory this season — in the 1 Jib stage of the Tour de France, 
in which he finished fourth overall. 

The Italians dominated throughout the day bm faltered in 
the critical stages. At one point, Italy had six riders in a 
leading group of 23; but Sorensen undermined their chances 
with constant attacks in the last 35 kilometers. 

As each of his moves was quelled, the Dane would attack 
again. His final bid for victory was checked bn the finishing 
climb as Ghirotto and Leblanc dosed in. 

As Sorensen faded, Leblanc raced away to finish in tears, 
waving his arms before falling into the embraces of his 
supporters and his wife, Maria. 

“1 was not worried when Sorensen attacked. I knew it 
would be best to wait until the second half of the ctimb," 
Leblanc said. 

The leader of the Festina team based in Andorra this year, 
the Frenchman has signed a contract to race next season with 
a new French team, Groupement. The third-place finisher, 
Virenque, also rides for Festina. 

Although France was known to have a team in top strength 
and condition, its performance Sunday was unexpected and 
set French fans shouting with joy. Italian fans, on the other 
hand, were crushed. 

They had high hopes of a third road-racc title in four years, 
especially in their own country. In the end, only Qiiappuccf $ 
unqu encha ble energy salvaged something with his silver med- 
al to conclude the world championships. (AP, Reuters ) 


Schumacher Stripped of Belgian Grand Prix Title 


The Associated Press 

SPA-FRANCORCHAMPS, 
Belgium — Formula One offi- 
cials Sunday disqualified Mi- 
chael Schumacher in the Bel- 
gian Grand Prix because of a 
rules infringement and gave his 
victory to runner-up Damon 
HilL 

The decision opened up the 
world championship chase, 
hours after Schumacher had 
seemingly put a lid 00 it with a 
perfectly good win, which would 
have been his eighth in 1 1 races. 

But race stewards ruled that a 
mandat ory wooden plank under 
his car, aimed at slowing down 
drivers, did not meet legal mea- 
surements because it was rather 
tOO thin Or too light , giving him 
an unfair edge over competitors. 

“Stewards of theBeigian 
Grand Prix have decided to in- 
flict a penalty on Benetton Ford 
and driver Michael Schumac her 
of exclusion from the event,” a 
spokesman for the international 
racing federation, Tran WaUrin- 
shaw, said four hours after the 
race. 

The crude wooden board was 
introduced into the high-tech- 
nology sport halfway through 
the season following the death 
of Ayrton Senna of Brazil and 
Roland Ratzenberger of Aus- 
tria at the San Marino Grand 
Pox in May. 

Now the G erman can only 
hope the g uardians of Formula 



Sfnt Ethcrm(ion'Rcuicft 

Damon HflTs champagne bath for Michael Schumacher, right, was premature, as FED was later awarded the victory. 


One won’t cut his drive for a 
first world title any further on 
Tuesday when they will decide 
whether to suspend him for an- 
other infraction. His Benetton 
Ford team also is under investi- 
gation fra another violation. 

Now, instead of leading the 
world standings with 86 points 
and a massive 35-point gap over 


HilL Schumacher has 76 points 
and his challenger 55. 

An appeal on a two-race sus- 
pension for disregarding a black 
nag at tin British Grand Prix 
wiB be heard in Paris 00 Tues- 
day. It could keep him out of the 
upcoming Italian and Portu- 
guese Grand Prix races. If HOI 
wins those races, the margin 


could be cut to one point with 
three Grand Prix races to go. 

The German dominated Sun- 
day’s nice to such an extend 
that even a sloppy spin failed to 
bring competition within strik- 
ing distance. Schumacher 
cruised to victory 13.663 sec- 
onds ahead of HfiL 

The spin could have shaved 


some wood from the board, 
which is 30 centimeters wide, 
one centimeter thick and run- 
ning the length of the car. The 
car is allowed to lose one milli- 
meter during the race. 

Because of Schumacher’s dis- 
qualification. McLaren Peugeot 
driver Mika Hakkmen of Fin- 
land moved into second place. 


ahead of Schumacher’s team- 
mate, Jos Verslappen. Hill's 
Williams Renault teammate 
David Coultbard was fourth. 

Schumacher, who took the 
lead on the first lap and only 
briefly gave it up for a pit stop, 
finished the 44-lap run on the 
wooded 7.135 kilometer (4.433 
mile) circuit in 1:28:33.508 
minutes, averaging 208.705 ki- 
lometers per hour. 

“It’s a terrific result,” he said 
before the bad tidings were an- 
nounced. His eighth win would 
have put him only one shy of 
the one-season record Nigel 
Mansell set in 1992 and would 
have equaled the mark of the 
late Ayrton Senna. 

Schumacher, cheered on by 
thousands of Germans from 
just across the border, had a 
fast start and seemed to run 
away with the race early on. 

“My personal fan club was 
here." said a delighted Schu- 
macher. “ r can only thank 
them." 

It seemed that all be had to 
do was put his car on cruise 
control for another easy win 
when he made an unexpected 
spin in the 18 th lap. He came 
too high on the curb of a slow 
comer, spun 360 degrees, but 
immediately went on bis way 
a gain, having lost only seven 
seconds of his 25-second lead. 


Scotsman 
Triumphs 
In Germany 

The Associated Press 

DUSSELDORF. Germany 
— Colin Montgomerie with- 
stood a chall enge by the home 
favorite Bernhard Langer on 
Sunday and won the $975,000 
German Open, the Scotsman's 
second straight triumph on the 
PGA European Tour. 

Montgomerie, who won the 
Murphy’s English Open last 
week, had a 2-under-par 70 to 
finish at 19-under 269. spoiling 
a charge that saw Langer get to 
within a stroke of the lead after 
seven holes. 

Langer. seeking his record 
sixth German Open title, began 
the day three strokes behind, 
but three quick birdies gpt him 
into contention. 

Montgomerie, the leading 
money-winner on the European 
tour, birdied on the 8 th, 12 th 
and 13th holes to rebuild his 
edge. He was able to overcome 
two late bogeys because Langer 
only managed to par out from 
the 13th hole on. 

“I was tired coming in,” 
Montgomerie said. "People 
said I was mad to come here. 
Hopefully I proved them 
wrong.” 

Montgomerie, the Spanish 
Open champion and one of 
three players to qualify for an 
18-hole playoff for the U5. 
Open title won by Ernie Els, 
won $180,000 to increase his 
earn ing s in Europe this year to 
more than $800,000. 

Langer, who opened the tour- 
nament with a 69 to fall six 
shots off the lead on a record- 
breaking day for scoring, fin- 
ished with a 4-under 68 on his 
fourth trip over the wind-blown 
6,793-yard course. 



Shjwn Baldwin/ RciiKik 


On Time, on Budget, 
Atlanta Tells IOC 


BRING IT ON — Patrick Ewing, the all-star center for the New York Knicks, 
challenged a young competitor at a basketball clinic in a township north of Johannes- 
burg. A group of National Basketball Association players are touring South Africa. 

The IRS Gets Lucky With a Horse 

daughter of a Saddle River, New Jersey, man 
accused of owing $35 milli on in income taxes. 
The government claimed UButti concealed his 
assets by putting businesses in other people's 
names, inducting his daughter’s at Lion Crest 
Devil His Due, a contender for Horse of the 
Year honors in 1993 with nearly $2 million in 
winnings, won the $350,000 Suburban Handicap 
at Belmont Park last month. 

But Mr. McKeon said the government did aot 
plan to get into the horse-racing business and 
would sell Devil His Due soon, applying the 
proceeds and any winnings in the meantime to 
what LiButti owes in taxes. 


The Associated Pros 

SARATOGA SPRINGS, New York — Devil 
His Due, seized from a New Jersey estate by the 
Internal Revenue Service, earned the govern- 
ment $77,000 with a second-place finish in the 
Whitney Handicap at Saratoga Race Course. 

Devil His Due, just a head behind winner 
Colonial Affair in the I Mi-mile race on Saturday, 
was entered in the $350,000 slakes after the IRS 
posted a tax lien against Lion Crest Stables of 
Mahwah, New Jersey. 

“The IRS is interested in getting back taxes it's 
owed,” said Kevin McKeon, an IRS spokesman. 

The stables are owned by Edith LiButti, the 


The Associated Press 

PARIS — The competition 
schedule for the 1996 Summer 
Olympics in Atlanta has been 
put into place. 

Atlanta organizers submitted 
the schedule Sunday 10 the ex- 
ecutive board of the Interna- 
tional Olympic Committee, 
with only the timing of the track 
and field events still to be final- 
ized. 

This was a big step.” said 
Billy Payne, chief of the Atlanta 
Committee for the Olympic 
Games. “It allows us to make 
our plans in terms of ticketing, in 
terms of futher transportation 
planning, volunteer deployment, 
and really launches a bunch of 
other incremental issues.” 

Atlanta is staging 16 days of 
competition — from July 20 to 
Aug. 4 — in 26 sports. Some 
10.000 athletes will compete in 
a total of 271 events. A series of 
test events in 18 of the sports 
will be held in July and August 
next year, Payne said. 

Payne said the final track and 
field schedule should be com- 
pleted in the next Tew months 
after consultations with the 
technical delegates of the Inter- 
national Amateur Athletic Fed- 
eration. 

Track and field events are 
scheduled for July 27 through 
Aug. 3, with the men's mara- 
thon set to be held before the 
closing ceremony on the eve- 
ning of Aug. 4. 

Officials also briefed the IOC 
on general progress in construc- 
tion, transportation and mar- 
keting. 

“We told them we’re still on 
schedule and on budget,” 
Payne said. 

Payne also gave the IOC the 
“broad parameters” of the July 
19 opening ceremony, which he 


said should emphasize the ath- 
letes — “the real stars of the 
show.” The first full outline of 
the ceremony will be presented 
to the IOC in December, he said. 

Savannah has been con- 
firmed as the site for yachting. 

Anita DeFrantz, the U.S. 
member on the executive board, 
asked Atlanta officials to con- 
firm that the Savannah Yacht 
Club is not connected in any 
way to the Olympic competi- 
tion. The dub lias been accused 
of racial discrimination in its 
membership practices. 

Also briefing the IOC board 
Sunday were organizers of the 
1998 Winter Games in Nagano, 
Japan, and the 2000 Summer 
Olympics in Sydney, Australia. 

Nagano organizers were sur- 
prised by a request from IOC 
president Juan Antonio Samar- 
anch to consider adding snow- 
boarding 10 their program of 
sports. Nagano, which agreed 
previously to add curling and 
women's ice bockey, said it 
would study the request, which 
involve extra costs. 

Sydney introduced its recent- 
ly-appointed executive director. 
Gary Pemberton. 

“It was pretty straight for- 
ward L” he said. “We've got no 
big issues, no decisions. It was 
just a matter of reporting in a 
fairly routine way what was 
happening.” 

With the close of executive 
board meetings Sunday, the 
Centennial Olympic Congress 
takes center stage here this 
week. After the arrival of the 
Olympic flame Monday after- 
noon and the opening ceremo- 
ny Monday night, officials from 
around the world will spend 
four days debating the future of 
the 100 -year-old movement. 


SIDELINES 


Dawes Sweeps GymnasticsMedals 

NASHVILLE. Tennessee’ < AP) — - Dominique Dawes has be- 
come the United States' newest golden gymnast. 

Dawes added four individual gold medals 10 the all-around title 
she won this weekend at the National Gymnastics Champion- 
ships, becoming the first gymnast to sweep all five medals since 

For the Record 

champion Shannon Miller of Edmond, Oklahoma. Miller won 
silver medals in each individual event after fin is h i n g second in the 
all-around. 


Football League and the NFL, Moon has passed for 54.9 1 3 yards. 


or 32 miles. Since 1990 he has a 62 percent completion rate. 

Meanwhile, Atlanta quarterback Jeff George enters the season 
with 202 straight passes without an interception. His 1.5 percent 
interception, rate fast season was third-best in the NFL. He had 
only six interceptions in 407 attempts and threw only two inter- 
ceptions in his last 361 attempts. 


KmgilnniP Not Read}’ for Seahawks 

SEATTLE fNYT) — The Seahawks will probably play at least 
two of their first home games at Huskie Stadium because repairs 
to the Kingdoroe, which resulted in the deaths of two workers on 
Aug. I vSo not be completed in tune for (bar home season 
opener against San Diego on Sept. 18. * . 

Gary WnghL the Seahawks* vice president of administration. 
said the tesuswould meet with city officials and reprKentatives of 
the Kingdom* on Wednesday to determine a timetable for when 
the team could return to the stadium. 

Drummond Ends Christie’s Streak 

rftiSnm SuEJScr dash Sunday at the Rieu Inviiauonal 

rv^ n ' ccl_ a 9 9 seconds matched his 

DntmmuBd's -meei-ro.vrv an ' who finished in 10 . 06 . 

It C^w's 

WwWSJS? BPS Se Commonwealth Games on 
Thursday, . 



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aw* Jeff counterpart for the Atlanta Falcons, na 

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profcs»bo»f foatb*l{ Ww*y- 


Rm Fifipe, the Portuguese soccer star, was killed early Sunday 
when the car he was driving crashed near the northern town of 
Pdrto, where his first-division team is based. (Reuters) 

Japan’s volleyball »««i beat the United States on Sunday at the 
Tokyo meet of the women’s volleyball World Grand Prix. (AP) 
Brian Watts, of the United States, shot a 67 Sunday to win the 
100 million yen ($1 million) Hisamilsu-KBC Augusta Golf Tour- 
nament in Slumacho, Japan, for his third triumph of the season. 

(AP) 

Monica Seles, absent from the professional tennis circuit for 
nearly 16 months, says she is still thinking about tennis but is 
reluctant to say when she will return. _ (AP) 

Jennifer £5 moving with her family from the Tampa. 

Florida, area to Palm Desert, California. A year ago, the tan-age 
tennis sensation Jennifer Capriati bowed out of the U.S. Open in 
the first round at the hands of unheralded Lela Meshki. The lime 
since then has been spent in turmoil for the 18-year-old. who was 
apprehended in February on a shoplif tmg charge and in May on a 
charge of marijuana possession, a misdemeanor. f LA T) 

Best Yancey, a professional golfer for more than 30 years, 
collapsed and died Friday while practicing fora Senior Tour event 
in Park City, Utah. He was 56. (AP) 

Jamie Brandon, a 23-year-old former basketball player for 
Louisiana State University, is free on $150, (XX) bond after being 
of kidnapping and raping a former girlfriend. (A PI 

Quotable 

a Todd Woodbridge, who has been doubles champion aiWm^ble- 
the oast two Years partner Mark Woodforde. is 

hoping to qualify for singles’ competition at the U.S. Open: 1 
draft Sail mysdf a doubles specialist and it does annoy me a little 
bTihTpeo^innk of me like that. I’m a full-time player and not 
a one-game specialist-** 


CROSSWORD 


ACROSS 

1 Battle on 836 
e Snoozes 
10 Read, as bar 
codes 

14 Actress Linda 


15 Song (or one 
is Tropical food 

plant 

17 ‘Great!” 

16 Shaker contents 

19 European 



20 Rarely 

23 Zero 

24 They use lassos 
zs Product with 

Ammonia-D 
29 Ineptly 

31 Counterpart of 
Mars 

32 Jai 

33 Kind ot cow. 
dog or horse 

36 Hercuie Poirot's 
pride 

41 Feminizing 
suffix 

42 The last word’ 

43 Seamstress 
Betsy 

44 Cons 

45 TV secretary 

47 New York's 

Island 

so Wide's partner 
5f Surrenders 
sa Double-reed 
woodwind 
58 The Wind in 
the Willows” 
character 
80 Something to 
fall back on? 

61 Stir up 

62 Toledo's lake 

63 Heavy reading 

64 Lump 

65 Auction oft 
68 Baker's need 

DOWN 

fin addition 

2 White House 
area 

3 With: Fr. 

4 Roger 
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distance 

5 Connected to 
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6 Twang type 

7 Show horse 
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9 Sinatra's “ 

Night” 

to Part ota 90' s TV 
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11 Transport tor 
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12 Zeal 

13 Middays 

21 Overrule 

22 Windblown 

25 Ctolh texture 

26 Showy flower 

27 Snares 

28 Summer Mrs. 

29 Owls' hangouts 

30 Pub draught 

33 gin fizz 

84 Otherwise 
35 Lika some 

profc. 

37 intertwines 

38 Flows forth 
38 Small wonder 
40 Blunder 

44 Addison 
contemporary 
Richard 

45 Plopped { down ) 

46 Peace maker 

47 Like some 
enemies 

48 No-no 

49 Eschew 

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53 ‘ . Caesar!” 

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56 South American 

capital 

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Page 20 


INTERNATIONAL HERALD TRIBUNE, MONDAY, AUGUST 29, 1994 


LANGUAGE 


Stay-Backs , Prehriefs and Memory 


Backed by Hollywood, Arau Starts 8th Life 


By Guy Garcia 


By William S afire 

TTTASHINGTON — When the general coun- 
"t sel of the Treasury Department. Jean E. 
Hanson, characterized a conversation she held 
with Bernard Nussbaum, then the White House 
counsel, as a “ stay-back from the Waco prebrief , " 
she inadvertently opened the gates to heavy lin- 
guistic investigation. 

Hanson, a veteran New York lawyer not here- 
tofore known for a poor memory, established a 
record in the farrago of forgettery. However,, 
lawyers these days are advised by other lawyers 
never to say: “I don’t remember"; it sounds 
evasive. Five tunes in one day did she invoke the 
more artful phrase: “I do not have an indepen- 
dent recollection " of events recounted in her own 
memoranda earlier this year. A Harvard law 
professor, Charles Ogletree, informs me this 
rieans “recollection without aid or assistance." 


The phrase, not yet in Black's Law Dictionary, 
is usually followed bv the testimony that some 


is usually followed by the testimony that some 
incontrovertible document “seems to be cor- 
rect”; if not, the questioner uses the verb refresh. 


as in the 1946 New Yorker cartoon supplied to 
me by Professor Monroe Freeman of Hofstra 


me by Professor Monroe Freeman of Hofstra 
University, showing a lawyer sitting on a wit- 
ness's lap and saying: “Does this, by any chance, 
refresh your memory, Mr. FID gate?" 

George Stepbanopoulos, President Clinton’s 
chief policy aide, tried a variation when a calen- 
dar was produced showing him in a meeting with 
Treasury Secretary Lloyd Bentsen: “I have no 
specific memory of the meeting” The qualifier 
specific protects the witness from the assertion 
that be doesn't remember it at all. Neil Eggle- 
ston, an assistant White House counsel, noted 
the word's legal resonance when be told a sena- 
tor: “I don’t have any specific recollection, and I 
don't mean that as a word of art” 

Senator Alfonse D* Amato, Republican of 
New York, noted with some asperity that Bent- 
sen's chief of staff, Joshua Steiner, was backing 
away from forthright observations written in his 
diary, as in his report that Stephanopoulos said 
of an investigator: “Find a way to get rid of 
him. '’ Observed the senator: “Words have mean- 
ing Mr. Steiner.” However, be then said that he 
found it “incredulous” that the aide would try to 
refute his own diary. Incredulous, from the Latin 
credere, “to believe,” means “unwilling to be- 
lieve"; incredible means “hard to believe.” There 
is a difference: I am incredulous at your incredi- 
ble statement. The senator could find backing for 
his usage in Shakespeare's comedy “Twelfth 
Night” — “no incredulous or unsafe circum- 
stance" — but even the complaisant Marriam- 
Webster’s Dictionary of English Usage suggests 
we restrict incredulous to its “disbelieving" sense. 

You think it's being a pedant to insist on a 
difference between imply, “to hint,” and infer. 
“to draw a conclusion from"? (Correct: I infer 
that you are implying I am a pedant.) 

Representative Pete King. Republican of New 


York, noted that White House Counsel Lloyd 
Cutler testified that nobody at the White House 
“ever told him or implied ’* that the White House 
was negotiating limits on an investigation. Bui he 
charged that Deputy Treasury Secretary Roger 
Altman's diary “had that inference . ” Wearily, 
Altman replied: “One could argue that there is a 
difference between implied and inferred I doti’l 
know.” He does now. 

Wbal’s a stay-back? This is apparently a fresh 
political term: I have been unable to find it on 
any of my data bases except as a name. However, 
we havea due in the development of the verb “to 
drop by,” or pay a brief visit, to the political 
noun drop -by , as in “I won't attend his embar- 
rassing event, but maybe HI do a drop-by when 
photographers have gone.” A si m ilar construc- 
tion goes from the verb “to pull aside,” to the 
diplomatic noun, a pull-aside, which means “a 
pnvate meeting at a public event.” A stay-back, 
which 1 hyphenate on the analogy of the above 
terms, means “a meeting after a meeting as some 
of the participants remain behind,” according to 
a Treasury source speaking on stay-background. 

A prebrief, “information disseminated before 
an event,” is the opposite of debrief, which is 
spilled afterward. Both are both nouns and 
verbs. Both began as Pentagon ese, with prebrief 
Launched in 1982 (“extensive prebriefs and se- 
quential reviews within the Component”). Law- 
yers picked it up: “A trial brief gives you the 
ability to prebrief the judge,” Mark A. Dombroff 
wrote in a 1983 Legal Times. It is now White 
House jargon for “a briefing held before a presi- 
dential trip or meeting to enable the press to 
understand its significance.” 

□ 


N APA* California — The fabled 
vineyards of the Napa Valley in 
California shimmer under the midday 
sun as Alfonso Arau swoops between 
the green tows of grapes and flaps his 
aims like a butterfly. Holding an oval 
paddle of gossamer cloth in each 
hand, the acclaimed director of “Like 
Water for Chocolate” bends his knees 
and does a slow, undulating dance as 
he leads the cast in a rehearsal for his 
new film , “A Walk in the Clouds.” 
When the scene, which takes place at 
night during a sudden frost, is actually 
shot, the nocturnal gloom and billow- 


TT-Ttt-Tv rrrvTi 


The main controversy in this early stage of 
Whitewater is the propriety of the Treasury De- 
partment’s giving the White House advance no- 
tice of a criminal referral from its ward, the 
Resolution Trust Corp r to the Justice Depart- 
ment To those who think the notification gave 
the Clintons an advantage that other witnesses or 
suspects do not enjoy, the warning was a tip-off. 
or alarm bell or inside information; to the presi- 
dent’s defenders, the locution for the controver- 
sial alert was a heads up. 

That term was given exhaustive analysis in this 
space a year ago, when the deputy director of 
central intelligence went to itis boss, Robert 
Gates, to — in his words — “give the director a 
heads up" that the attorney general would be 
calling. Although one adjectival sense is “alert, 
wide-awake,” as in a player of “heads-up ball,” 
the usage most common today is the noun for 
“warning.” 

The White House choice of heads up was 
adept; it carries the connotation of innocent alert 
that any political outfielder would give another, 
lest he get hit in the head by hardball tactics. 


add an ethereal dimension. 

“It will be like a dream,” explains 
Arau, who also sees the moment as a 
mating dance between the two central 
characters. “At one point, they win 
face each other,” he says, moving his 
hands as if underwater, “and it wul be 
like they are making love." 

Arau is a proven virtuoso at trans- 
forming h uman passion into luminous 

metaphors. In the 1993 film “like 
Water for Chocolate,” the young 
heroine's strong emotions have a habit 
of flavoring her cooking, causing peo- 
ple who eat her food to break into 
torrential tears or emit literal sparks 
of desire. Since its release last year, the 
film has earned $21.6 million in the 
United States alone, making it the 
highest-grossing independently pro- 
duced foreign film of all time in the 
United States. 

A youthful 62, Arau is enjoying his 
success with the measured pnde of a 
seasoned show-biz veteran. Before he 
directed “like Water for Chocolate” — 
which was based on the best-selling 
novel by his wife, Laura Esquivel — the 
former ballet dancer and Sam Peckin- 
pah protegfchad already tasted fame as 
an actor and stand-up comic, been the 
host of his own television variety show, 
and toured Europe and Latin America 
as a mime. “It has been a long career — 



rinn that he be allowed to change the 
h? 11 .b* vineyard owners. 


Mexican director Alfonso Arau, on location in the Napa Valley. 


like seven lives,” he says. 

Now, Arau is back behind the cam- 


Now, Arau is back b ehind die cam- 
era, directing his first full-scale Holly- 
wood feature. And while the stakes are 
high, he remains relaxed. Yet he knows 
that film history is littered with the 
oeuvres of talented foreign directors 
who were gobbled up by the studios, 
only to see their artistic stock plummet. 

“It was very scary, accepting the 
offer from Hollywood,” Arau says, 
“because you hear all these stories 
about how the studios kill every new 


,Vw York Times Service 


director, bow they hire directors be- 
cause of their success and then try to 
nhang e them, making them conform 
to a commercial formula. That hasn't 
happened in my case.” 

Based on Alesandro Blasetti’s 1942 
film, “Four Steps in the Clouds,”“A 
Walk in the Clouds” is set in the 
fictional California vineyard of Las 
Nubes (The Clouds), immediately af- 
ter World. War TL Keanu Reeves por- 
trays Panl Sutton, a returning GI who 
falls in love with Victoria Aragon, the 
daughter of a wealthy Napa vineyard 
owner. 

As in “Like Water for Chocolate,” 
the two lovers are separated by circum- 
stance and convention, in this case, 
Victoria’s disapproving father, who is 
played by Giancarlo Giannini, and 
Paul's estranged wife. Prevented from 
mnQimmming their love, Paul and Vic- 
toria's emotions are expressed through 


the sensual rituals of the wine harvest 
and the transcendent beauty of the 
northern California landscape. 

Arau admits that superficially at 
least, there are thematic similarities 
between “Like Water for Chocolate” 
and his newest film 

He says he auditioned more than 300 
actors and actresses before settling on a 
cast that includes the Spanish actress 
Altana S&nchez-Gijon as Victoria; 
Freddie Rodriguez, a young Pnoto Ri- 
can actor from Chicago, and the Mexi- 
can actresses Angelica Aragon and 
Evangdina Elizondo. At the last mo- 
ment, Anthony Quinn signed on as 
Don Pedro, the patriarch of Las Nubes. 

While Arau defends file director’s 
prerogative to cast anyone he wishes 
in a role, he also feds a personal 
responsibility to. try to hire Latinos 
whenever possible. In fact, Arau 
agreed to direct the film on the condi- 


tofiSyta Napa." ■ 

«£lI' 

■s&wssyg? 

JSn ato want* » a P os T e 

rc jSoican audiences who 
hawbeen bombsrdedby negative on- 
arses of Mexicans* 

Arau has spent sot ofa 

7. - weMfict he was studying 


to^adoct^whcnhefellinlovej^ 
a ballerina. “I started to visit her at the 
ballet,” he recalls, “and one day I 

• At the same time, Arau was stup- 
ing drama at the University of Mexico 
and be ginnin g a career as an actor. In 
19 S 9 I& left Mexico for Cuba, where 
he was the star of his own television 
variety show, “El Show de Aran* 

. Five years later, Arau decided “it 
was time to go” and he moved to 
Paris, where he studied pantomime. 

■At the end of the 60s, he relumed to 
Mexico and directed his first film, 
“The Barefoot Eagle.” 

Soon afterward, Sam Pedrinpahar- 
rived to film his 1969 western, “The 
Wild Bunch.” Peckinpah, who gave 

Arau his first role in an American fihn 
as Lieutenant Herrera, the right-hand 
man of the murderous General Ma- 
paefae, took » Wring to the young au- 
teur. “Peckinpah knew that I had just 
directed my first film the previous 
year, so he kind of adopted me,” Arau 
recalls. 

“Like Water for Chocolate” was his 



their home to help raise the roughly S2 
millio n budget, which was large by 
Mexican standards. To Arau's sur- 
prise, the film went on to become an 
mtematkmal hit. 

But it also took a toll on his 18-year 
marriage. He and his wife divorced 
last year. “It was like a terrible price 
that I had to pay for this success,” 
Aran reflects, “But life is mysterious. 
Life gives you a lot and life takes a lot 
from yon at the same time ” 


■ Gw Garda, the author of “Obsidian 
Sky, an anthropological mystery set in 
California and Mexico, wrote this for 
The. New York Times. 


WEATHER 


POSTCARD 


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Forecast for Tuesday through Thursday, as provided by Accu-Weather. 





JUnsmsamUr 

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Hal 


North America 

Showers will dampen Ihe 
Great Lakes stales and 
Ontario into Wednesday. 
Washington. D C . through 
Boston wfl Italy have show- 
ers at midweek. Thunder- 
storms will douse steamy 


Florida: a tropical storm may 
form in the western Gulf oil 
Mexico. Pacific coast weath- 
er wil be earned 


Europe 

The heart of northern Europe 
tram London and Peris lo 
Berfin and Copenhagen wifi 
be cool and settled Tuesday. 
Showers are Rkety at mid- 
week si Britain and France, 
and by Thursday In Ger- 
many. Sunshine win heat 
southern Spain, southern 
Italy and Greece: northern 
Italy may have showers. 


Asia 

Northern Japan will have 
some rain Tuesday: Ihis may 
shill southward at midweek, 
and thus quench the heat. 
Korea may have showers 
Tuesday: otherwise, it wil be 
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Mystery Writer Finds Rich Soil in Unglamorous Newark 


Near York Tima Service 


N EWARK. New Jersey — The sky 
hung low and opaque; cut bv rows of 


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IN hung low and opaque; cut by rows of 
dull wire towers. Market Street was teem- 
ing with sweaty bodies and vendor carts. 
Inching down the sidewalk, Valerie Wilson 
Wesley absorbed the complex rhythms of 
Newark, memorizing each detail. 

In the city’s disorder and decay, Wilson 
Wesley sees rich material for murder mys- 
teries. Her first. “When Death Comes 
Stealing” unfolds against the backdrop of 
the city's neighborhoods, which she hopes 
to harvest for a series of whodunits. 

“Newark is such a survivor." she said on 
a recent walk through the crumbling Cen- 
tral Ward. “There is so much to write 
about here, and it’s aD uncovered ground.” 

In “When Death Comes Stealing” pub- 
lished last month, the author describes 
Newark as “ah old fighter who won’t gp 
down for the count.” The book's heroine is 
Tamara Hayle; a black private investigator 
raising a son alone. The plot: Someone is 
killing young black men. The twist: The 


victims are sons of Hayitfs shady former 
husband. -With her own = son V safety in 
mind, she resolves to find the murderer. 

Like Newark, there is very li ttle glamor- 
ous aboht Tamara Hayle. Other literary 
sleuths may write poetry and travel to 
Europe. She shops atPathmark and com- 
mutes on the New Jersey Turnpike ’ . . 

Hayle is a former Newark police officer 


As a mystery locale, Newark offered 
what the author was looking for: a working 
class, predominantly . black population, 
high crane rate and various social issues. 

Newark also has ghosts. Hie specter of 
the 1967 riots haunts Hayle. 

“they say a city becomes a character, 
and'fhafs what I want to do with this 


who quit when another officer harare-d a 
car full of black teenagers, including her 


p lace,” the author said. “Maybe someday 
rn pick a new setting but Tamara will! 
always be a Newark girl.” 

• In the first pages of the book, Hayle* 
compares Newark to a phoenix: “Things 
are comin g back now, block by block ris- - 
ing from the ashes — like that Egyptian 
bird.” . 

Weaving through bleak neighborhoods, ; 
the writer pointed eagerly to signs of reviv- 
aL Shedrove down Worth Street, a narrow. \ 
old-fashioned strip of brownstones that; 
will appear in her next book. 

. “People are always talking about how | 
grand this place used to be,” die said. “But ■ 
there are good things coming up. Newark ' 
is going places; wait and sea” 


car full of black teenagers, including her 
son Jamal The police are dismissing tire 
murders as drug overdoses, fearing it up to - 
Hayle to uncover the truth. 

Wilson Wesley, 46, grew up in Connecti- 
cut and now lives in Montclair, a Newark 
suburb, with heir husband and two daugh- 
ters. Her husband, Richard, who grew op 
in Newark’s Ironbound section, was the 
primary source for her boot - 

“We would drive around on Sunday 
afternoons and be would point things out,” 
she said. “I have a sense of the inner 
workings of Newark, but I need to know 
the city more intimately” 


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